The Biden administration has announced a new security strategy to combat corruption and illicit finance. The Treasury Department has also introduced new measures to tackle corrupt individuals who commit human rights abuses or undermine democracy.
CNN reports that the announcement was made before President Biden’s Summit for Democracy. The event will see leaders from the government, the private sector, and civil society participating virtually. They are slated to discuss how they can concentrate their efforts on promoting human rights while tackling corruption and defending individuals and communities against the threat of authoritarianism.
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) also announced they are in the process of creating a set of regulations that will allow them to target corrupt actors who are operating in the US real estate market and abusing vulnerabilities. Imamauli Das, Acting Director of FinCEN, announced, “Increasing transparency in the real estate sector will curb the ability of corrupt officials and criminals to launder the proceeds of their ill-gotten gains through the US real estate market.”
The “first-ever” security measure to tackle corruption is being hailed as a bold, decisive, and welcome move by the Biden administration. It was launched in the wake of a 200-day review after the Biden administration decided that a more hands-on and targeted approach to curb corruption and illicit finance was needed. Its five pillars consist of fighting corruption, curbing illicit finance, holding corrupt actors accountable, strengthening anti-corruption architecture, and improving diplomatic engagement.
Biden said in June, “Corruption threatens United States national security, economic equity, global anti-poverty, development efforts, and democracy itself. But by effectively preventing and countering corruption and demonstrating the advantages of transparent and accountable governance, we can secure a critical advantage for the United States and other democracies.”
The Biden administration has elevated the anti-corruption measure as an absolute priority. To this end, the President has pledged to work alongside other countries to solve global problems. The White House has committed with Group of Seven and Group of Twenty countries to execute strong transparency and anti-corruption measures across ministerial tracks.