The biggest culprit in allowing corrupt actors to hide their wealth

 

Today, the United States was named the biggest culprit in allowing individuals to hide their wealth from the rule of law. The Tax Justice Network has identified the U.S. as the top supplier of financial secrecy it its 2022 global index. This financial secrecy allows kleptocrats, drug traffickers, tax cheats, and corrupt actors of all sorts to protect their ill-gotten gains from prying eyes. Putin will not feel the full impacts of the U.S. and our allies’ robust sanctions policy unless we fix our anti-money laundering regulations and close the loopholes that allow bad actors to hide and grow their assets in the U.S. financial system. While there has been encouraging progress on reform, much more needs to be done. How can the U.S. shut down the loopholes in our financial system? One way is to ensure that the true buyers and owners of assets in the U.S., from luxury goods to real estate, are reported to the Treasury Department’s Financial Crimes Enforcement Network. This will help to make sure that real estate and luxury goods will no longer be easy targets for money laundering. This is one reform to address money laundering. Read the full analysis for more ways we could tighten the economic screws on kleptocrats. Zoë Reiter Director of Civic Engagement Project On Government Oversight Contribute

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