Biden Begins Review of Anti-Corruption Strategy
The Biden administration announced an interagency review and strategy to better combat corruption, including through the use of sanctions. In a June 3 memo, President Joe Biden directed the Treasury, Commerce and State departments, along with other agencies and offices,…
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to consider recommendations for an improved anti-corruption strategy, which should rely on asset freezing, sanctions, enforcement actions and more robust ownership reporting to Treasury. The U.S. should be “building upon targeted anticorruption sanctions under the Global Magnitsky Act and similar authorities,” the White House said in a fact sheet. The U.S. should also better work with allies to counter corruption by foreign leaders, state-owned companies and others by “closing loopholes exploited by these actors to interfere in democratic processes in the United States and abroad.” The interagency review will take place over the next 200 days.