Securing Democracy from Illicit Finance: Strengthening the First Mile

Kleptocracy undermines democracy. Bolstering the capacity of journalists and civil society to respond to it at its source must be a central priority of the international community.

 
President Joe Biden brought with him to the White House the hope that a US President would finally lead a global effort to fight back against kleptocracy, corruption and illicit finance. The omens were positive. Writing in 2018, the future president laid out how Washington and Western allies should respond to the threat posed by illicit finance, urging action from all those responsible for its facilitation. In 2020, Biden emphasised this message, committing to combat corruption ‘as a core national security interest and democratic responsibility’ and ‘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’.

Pronouncements once he took office continued to raise hopes. In June 2021, the White House published its Memorandum on Establishing the Fight Against Corruption as a Core United States National Security Interest, focused on enhancing every element of the US response to kleptocracy and illicit finance. In December 2021, Biden further underscored his credentials with the publication by the White House of the US Strategy on Countering Corruption, a widely feted document; and sought to bolster efforts to address the illicit finance threats to democratic values via his much-anticipated Summit for Democracy. The summit’s focus on defending against authoritarianism, advancing respect for human rights and addressing and fighting corruption aims to trigger a ‘year of action’ by global leaders and civil society alike, to undertake meaningful reforms and initiatives to tackle these contemporary threats faced by democracies.

 
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Πηγή: rusi.org