US Government Unveils Comprehensive Plan to Combat Corruption
The Biden-Harris Administration has released its first-ever United States Strategy on Countering Corruption, outlining a whole-of-government approach to combat corruption.
Understanding Corruption’s Impact
Corruption is a cancer that eats away at public trust and hampers governments’ ability to deliver for their citizens. It exacerbates social, political, and economic inequality, impairs business environments, drives conflict, and undermines faith in government. The US President has recognized corruption’s ability to corrode democracy, declaring it a core national security interest.
Strategy Pillars
The strategy organizes US Government efforts under five mutually-reinforcing pillars:
- Modernizing, Coordinating, and Resourcing US Government efforts to fight corruption.
- Curbing Illicit Finance by addressing deficiencies in the US and international financial systems.
- Holding Corrupt Actors Accountable through diplomatic and development efforts.
- Preserving and Strengthening Multilateral Anti-Corruption Architecture.
- Improving Diplomatic Engagement and Leveraging Foreign Assistance Resources to achieve anti-corruption policy goals.
Key Measures
The strategy outlines a range of measures, including:
- Issuing beneficial ownership transparency regulations
- Enacting regulations targeting real estate transactions
- Working with international partners to strengthen anti-money laundering regimes
- Launching initiatives to engage partner countries on detecting and disrupting foreign bribery
- Improving the international business climate by encouraging the adoption and enforcement of anti-corruption compliance programs by US and international companies
Private Sector Engagement
The US Government will work with the private sector to improve the international business climate by encouraging the adoption and enforcement of anti-corruption compliance programs by US and international companies.
Annual Progress Reports
Federal departments and agencies will report annually to the President on progress made against the Strategy’s objectives, marking a new chapter in the US efforts to curb corruption’s harmful effects.
Quote from President Joe Biden
“This comprehensive plan demonstrates our commitment to countering corruption, strengthening democracy, and promoting economic equity,” said President Joe Biden. “By working together across government, with international partners, and with civil society, we can secure a critical advantage for the United States and other democracies.”