Thread by @SecureDemocracy

Starting soon! Join us!

https://twitter.com/SecureDemocracy/status/1467891983771340805

Just yesterday, the US government released its first ever strategy to combat corruption and kleptocracy. And in the last hour, Treasury has released new regulations on beneficial ownership.

Our panelists will break down what this means over the next hour!

https://twitter.com/JoshRudes/status/1467860524595662850?s=20

"American law firms have really transformed into what I describe as 'first among equals,'" @cjcmichel says, referring to enablers of malign finance. "They're attempting to cloak so much of this under the guise of attorney-client privilege."

"Without these enabling classes of professionals and all the loopholes that they use and abuse, kleptocracy would cease to exist," @cjcmichel says. "Without these enablers, there is no modern kleptocracy as we know it."

"When we talk about criminals and money laundering, there's this desire to think of people who hide illicit wealth as not very intelligent." That's wrong, @LaksKumar_GFI says. "The sad truth is that no one is asking anyone questions."

Read her new report👉us.transparency.org/resource/priva…

The #PandoraPapers "do really for the first time speak to this booming South Dakota trust industry," @WillFitzgibbon, who worked on the papers with @ICIJorg, says. But "we still are only seeing a slice of what's going on." icij.org/investigations…

"Lawyers are the most important enablers to regulate," @spfreedberg says. "American lawyers have no legal or any other obligation to check the source of funds they're working with." icij.org/investigations…

4 countries are lagging behind on regulating enablers of malign finance: the US, Australia, Haiti, and Madagascar, Neil Jeans @InitialismAU says. "To date, we simply don't have the legislation. The reason is simply political will."

"There is such little—if any—incentive for state-based legislators" to change their regulatory policies, @cjcmichel says. If they can relate these issues to their districts and constituents, then they will be more motivated to push for changes.

Panelists share the key action items they would like to see at the #SummitforDemocracy:

@cjcmichel: The WH's new strategy document for countering corruption is a laundry list of all these different policy proposals that so many of us have been calling for for years.

.@spfreedberg: "I want to see whether the Democrats move the Enablers Act. I want to see whether they're going to make a push to get the lawyers covered."

@WillFitzgibbon: In January, I'll be watching to see if new rules on trusts are put in place.

Neil Jeans: "These issues transcend politics." These issues should have bipartisan support.

@LaksKumar_GFI: "Watch out for us." There is more to come on combating enablers of malign finance!