By Erica Hanichak
These cases are staggering but not surprising. It’s no secret that the U.S. has a dirty money problem. In 2021, Treasury Secretary Janet Yellen admitted that right now, “the best place to hide and launder ill-gotten gains is actually the United States.” Further, the U.S. was named the most secretive jurisdiction in the world by the 2022 Financial Secrecy Index. That’s why the Administration’s inaugural 2021 Strategy on Countering Corruption – announced during the first Summit for Democracy – came at such a critical time as the U.S. reckons with its role as a global enabler of corrupt and criminal funds.
What the U.S. Can Do to Shut Out Klepto-Cash
As the United States marks one year of Ukraine’s war and looks ahead to the second Summit for Democracy next month, the Biden Administration must center domestic anti-money laundering reforms as a means to contribute to the defense of democracy worldwide.