Financial Crime World

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Fighting Financial Fraud: US Leads Global Efforts to Hunt Down Corrupt Actors

Washington D.C., USA - The United States has made significant strides in its efforts to combat corruption, with a range of initiatives aimed at strengthening international cooperation, bolstering financial transparency, and protecting whistleblowers.

Diplomatic Efforts Pay Off

The State Department has played a key role in these efforts, fostering collaboration among governments, civil society, and business through initiatives such as the Global Anti-Corruption Consortium. The department has also invested in protecting journalists and whistleblowers, launching programs like Reporters Shield and the Strengthening Transparency and Accountability through Investigative Reporting program.

Financial Transparency on the Agenda

The Financial Action Task Force (FATF) has agreed to undertake projects promoting implementation of the United Nations Convention Against Corruption (UNCAC) and addressing corrupt actors’ misuse of citizenship-by-investment programs and poorly-regulated gatekeepers. The U.S. Treasury Department has also developed an Anti-Corruption Solutions through Emerging Technologies initiative, launched in a multi-day Global Anti-Corruption Tech Sprint.

Key Initiatives

  • Promoting implementation of UNCAC
  • Addressing corrupt actors’ misuse of citizenship-by-investment programs and poorly-regulated gatekeepers
  • Developing anti-corruption solutions through emerging technologies

Protecting Whistleblowers

USAID’s Reporters Shield insurance product defends journalists, media outlets, and organizations from spurious lawsuits, while the State Department’s Fiscal Transparency Innovation Fund supports budget transparency. The department has also recognized courageous leaders through its Anti-Corruption Champions Award program.

Key Initiatives

  • Defending journalists and media outlets with Reporters Shield insurance
  • Supporting budget transparency through the Fiscal Transparency Innovation Fund
  • Recognizing courageous leaders through the Anti-Corruption Champions Award program

Institutional Capacity Building

The Defense Department has increased investment in Institutional Capacity Building (ICB) programming that contributes to anti-corruption objectives. The State Department’s Global Defense Reform Program has provided ICB partners with strategic-level advisory support to enhance partner security sector governance.

Key Initiatives

  • Increasing investment in ICB programming
  • Providing strategic-level advisory support through the Global Defense Reform Program

Looking Ahead

The U.S. government is committed to continuing its efforts to combat corruption, with plans to host the Second Summit for Democracy and the 2023 UNCAC COSP. The State Department will also issue a Reference Guide to USAID Anti-Corruption Operational Safeguards, highlighting measures to ensure integrity in U.S. foreign assistance.

Quotes

“We are committed to fighting corruption and promoting transparency, accountability, and good governance around the world.” - President Joseph R. Biden Jr.