Wilmer Hale, 14 June 2021
On June 3, 2021, President Biden issued a National Security Memorandum establishing the fight against corruption both at home and abroad as a core United States national security interest and directing the development of a 200-day interagency review designed to culminate in a report and recommendations on how the United States government and its partners can better combat corruption, enhance transparency in the global financial system and promote good governance. When combined with the anti-money laundering (AML) legislation that entered into force with the January 2021 bipartisan passage of the National Defense Authorization Act for Fiscal Year 2021 (NDAA)1- the most significant reforms to US AML laws since the 2001 adoption of the USA PATRIOT Act-and a review of sanctions policy conducted by the Treasury Department, the Memorandum may lead to a heightened focus on illicit financial activity and corruption and may ultimately result in additional resources being allocated to anti-corruption and AML enforcement.
A. Overview of the Memorandum
Defining the need to “counter[] corruption” as a “core United States national security interest,” President Biden advances a multifaceted policy initiative that rests on three key pillars: promoting good governance, ensuring transparency in global financial systems, and combating and preventing corruption. We can expect more detail on President Biden’s anti-corruption strategy with the publication of the Interagency Report after 200 days. President Biden’s focus on promoting good governance, increasing transparency and reducing impunity centers on the following themes: Continue reading “Article: United States: Biden: The Fight Against Foreign And Transnational Corruption Is A National Security Interest”
