The White House declared the fight against corruption a fundamental priority of the national security interests of the United States.
In a memorandum, President Biden said that “the US administration will lead efforts to promote good governance, transparency in the United States and global financial systems, and to prevent and combat corruption at home and abroad.”
By incorporating the fight against corruption into its priorities, the Biden administration is committed to taking new steps to bring to justice corrupt individuals, transnational criminal organizations and other actors involved in illegal activities.
“This includes strengthening and building sanctions aimed at combating corruption under the Magnitsky Act and other similar powers; and strengthening criminal or civil measures, such as the Justice Department Initiative to Reclaim Secured Property through Kleptocracy, ”the memorandum reads.
The document states that “corruption undermines public confidence, impedes effective governance, distorts markets and equitable access to services; sabotages development efforts; contributes to country fragility, extremism and national migration; and provides authoritarian leaders with a tool to undermine democracies around the world. ”
“When leaders steal from the citizens of their countries or the oligarchs disregard the rule of law, economic growth slows down, inequality deepens and trust in government falls,” the memorandum continues.
The White House says the financial cost of corruption is staggering, eroding 2 to 5 percent of global gross domestic product.
“Corruption threatens the national security of the United States, economic equality, global efforts against poverty and development, and democracy itself. “But by effectively preventing and combating corruption and demonstrating the benefits of transparent and accountable governance, we can provide a critical advantage for the United States and other democracies.”
The memorandum urges key administration agencies to coordinate and support anti-corruption efforts, combat illegal funding, hold corrupt actors accountable, build international partnerships and improve foreign aid.
The document says this also means increasing support for strengthening the capacity of civil society, the media, state and local bodies, international partners and other oversight and accountability actors.
“Corruption,” the document said, “destroys democracy from within and is increasingly used as an instrument by authoritarian states to undermine democratic institutions.”
The US administration is committed to “cracking down on fiscal havens and illegal financing, which contribute to income inequality, terrorist financing and increase foreign malicious influence,” the memo said.
