Biden administration unveils first anti-corruption plan [View all]
Source: The Hill
The Biden administration on Monday released the first-ever United States Strategy on Countering Corruption, which focuses on preventing bad actors using the U.S. and international financial systems to hide assets and launder money.
The 38-page plan to crack down on corruption was released ahead of the virtual Summit for Democracy, which the Biden administration is hosting on Thursday and Friday and will include over 100 participants from governments, civil society and the private sector.
Five pillars were announced to guide the implementation of the strategy, including modernizing the efforts to fight corruption by prioritizing intelligence collection and analysis and boosting coordination across industries.
The pillars also include curbing illicit finance through steps like issuing beneficial ownership transparency regulations to identify bad actors and enacting first-of-their-kind regulations surrounding real estate transactions to reveal when real estate is used to hide ill-gotten cash or to launder criminal proceeds.
Read more: https://www.msn.com/en-us/news/politics/biden-administration-unveils-first-anti-corruption-plan/ar-AARwIcR
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