Washington Post

Biden calls for sweeping new push to expose and punish financial corruption

WASHINGTON -- President Joe Biden has introduced sweeping new strategies to fight financial corruption, pledging a government-wide campaign to identify and punish bad actors who move illicit wealth in the United States and around the world.

Pedestrians walk past South Dakota Trust Company's office in downtown Sioux Falls, South Dakota, on June 17, 2021. Foto: Washington Post photo by Salwan Georges

Calling the effort a core national security interest, the administration said it would work with Congress to bring more scrutiny to trust companies, lawyers and other financial gatekeepers, seek to identify owners "hiding behind opaque" corporations and target those involved in real estate transactions used to hide or launder money.

The administration has also promised to ramp up anti-corruption investigations at the Treasury Department and other federal agencies and elevate U.S. efforts to partner with anti-money laundering regimes in other countries. The plan includes a call for greater diplomatic efforts to defend investigative journalists who expose corruption...

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