The Biden-Harris Administration has emphasized the importance of combating corruption as both an economic and national security priority. This commitment is aimed at promoting transparency within the global financial system and addressing loopholes that threaten democratic processes.
According to the Interim National Security Strategic Guidance, "We will take special aim at confronting corruption, which rots democracy from the inside and is increasingly weaponized by authoritarian states to undermine democratic institutions…We will crack down on tax havens and illicit financing that contribute to income inequality, fund terrorism, and generate pernicious foreign influence."
In line with this strategy, President Joe Biden has issued a National Security Study Memorandum (NSSM) designating the fight against corruption as a core national security interest for the United States. This directive initiates a 200-day interagency review culminating in a report with recommendations on modernizing efforts to combat corruption.
The memorandum outlines several key areas of focus:
- Modernize Efforts: Departments are instructed to improve intelligence collection, establish new structures where necessary, and allocate resources towards fighting corruption domestically and internationally.
- Curb Illicit Finance: The administration seeks greater transparency in financial systems by reducing offshore secrecy and seizing stolen assets. It also aims to close regulatory loopholes that allow anonymity in financial transactions.
- Hold Corrupt Actors Accountable: Steps include enhancing anticorruption sanctions under existing laws like the Global Magnitsky Act and supporting civil society's role in accountability measures.
- Build International Partnerships: The NSSM calls for collaboration with international partners through organizations such as the UN, G7, and FATF to counteract strategic corruption from autocratic regimes.
- Improve Foreign Assistance: There is an emphasis on enhancing domestic institutional capacity abroad for implementing transparency measures within foreign assistance programs.
This initiative reflects ongoing efforts by the U.S. government to address global challenges posed by corruption while reinforcing alliances worldwide.