It is great that the White House has issued its first ever US Strategy on Countering Corruption. It shows how important corruption has become for national security & how the Biden administration understands it. The more I dig in it, the better it looks.
whitehouse.gov/wp-content/upl…
whitehouse.gov/wp-content/upl…
Initially, it appears focused on international corruption, and it does not state that the US is the biggest offshore haven in the world and it offers no assessment of how large the US volume of dark money is, but it gets better and better.
The great US shortcoming is the millions of anonymous companies. The strategy states clearly:
"Beneficial ownership transparency: The United States will publish regulations and build a beneficial ownership database to implement the Corporate Transparency Act."
Great!
"Beneficial ownership transparency: The United States will publish regulations and build a beneficial ownership database to implement the Corporate Transparency Act."
Great!
The second big US loophole is real estate, and the Strategy promises "Promulgating regulations targeting those closest to real estate transactions to reveal when
real estate is used to hide ill-gotten cash or to launder criminal proceeds."
Hopefully also commercial real estate.
real estate is used to hide ill-gotten cash or to launder criminal proceeds."
Hopefully also commercial real estate.
Numerous other money launderers are singled out: investment advisors, private equity funds, lawyers, accountants, trust and company service providers, incorporators, art and antiquities markets.
Relevant government agencies will be mobilized & reinforced: "Increasing intelligence prioritization, collection and analysis on corruption, corrupt
actors, and their networks."
actors, and their networks."
"Increasing law enforcement resources, and bolstering information sharing between the
Intelligence Community and law enforcement;
Engaging with the Congress to encourage adequate resourcing of the anti-corruption
agenda through assistance and operational budgets;"
Intelligence Community and law enforcement;
Engaging with the Congress to encourage adequate resourcing of the anti-corruption
agenda through assistance and operational budgets;"
"Elevating corruption as a diplomatic priority in a manner tailored to local conditions"
"Pushing the G20 and G7 to implement strong transparency and anti-corruption measures
across all ministerial tracks"
Well, China, Saudi Arabia & Russia are major culprits.
"Pushing the G20 and G7 to implement strong transparency and anti-corruption measures
across all ministerial tracks"
Well, China, Saudi Arabia & Russia are major culprits.
"Law enforcement will be provided with the independence and resources...The Administration will advocate for greater transparency in the U.S. campaign finance system, and to strengthen prohibitions on foreign nationals attempting to influence
federal, state, or local elections."
federal, state, or local elections."
In short, while not offering too many details, this Strategy calls for a mobilization of all relevant government agencies, more transparency, more resources and powers to them. This is a program for action, which looks very promising.
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