Crackdown on illicit finance to be cornerstone of Biden administration

US President-elect Joe Biden is expected to make a crackdown on illicit finance – both domestically and internationally – a cornerstone of his administration.  

Earlier this year Biden stated his position on corruption and illicit finance in an essay for Foreign Affairs, and those in the next US president’s closest circle appear to be thinking along the same lines.

Presidential priority

“As a summit commitment of the United States, I will issue a presidential policy directive that establishes combating corruption as a core national security interest and democratic responsibility,” Biden wrote in his essay.

“I will lead efforts internationally to bring transparency to the global financial system, go after illicit tax havens, seize stolen assets, and make it more difficult for leaders who steal from their people to hide behind anonymous front companies,” he added.

International outlook

Biden’s choice of Jake Sullivan as national security advisor, probably the administration’s most influential voice in international relations, also suggests that tackling illicit finance internationally will be part of the incoming administration’s policy agenda.

Along with Jennifer Harris, a former Obama administration official, Sullivan outlined in an article earlier this year how democrats in Biden’s closest circle are thinking about global economics and trade.

Sullivan and Harris argue for reforming trade deals to target tax havens, prevent currency manipulation, improve wages, and generate investment in the US.

Biden’s essay in Foreign Affairs, Why America Must Lead Again, Rescuing U.S. Foreign Policy After Trump, can be found here.

The article by Sullivan and Harris, America Needs a New Economic Philosophy. Foreign Policy Experts Can Help, can be found here.

Categories: Trade Based Financial crimes News

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