Skip to main content
Menu Icon Menu Icon
Close

InfoBytes Blog

Financial Services Law Insights and Observations

Biden national security memo takes on corruption

Federal Issues Agency Rule-Making & Guidance Biden Corruption Financial Crimes Of Interest to Non-US Persons

Federal Issues

On June 3, President Biden issued a memo designating the “fight against corruption” as a top priority in preserving national security in the United States. The memo notes, among other things, that corruption not only corrodes public trust and development efforts, it also decreases global gross domestic product by an estimated two to five percent. In establishing “countering corruption as a core United States national security interest,” the memo highlights that the Biden administration will “lead efforts to promote good governance; bring transparency to the United States and global financial systems; prevent and combat corruption at home and abroad; and make it increasingly difficult for corrupt actors to shield their activities.” This includes efforts that will significantly bolster the ability of the U.S. government to, among other things: (i) boost the ability of key executive departments and agencies to encourage fair governance; (ii) counter illicit finance in the U.S. and foreign financial systems; (iii) hold corrupt individuals accountable; (iv) “strengthen the capacity of civil society, media, and other oversight and accountability actors to conduct research and analysis on corruption trends”; (v) coordinate with international partners to counteract strategic corruption; and (vi) encourage partnerships with the private sector and civil society. The memo further points out that an interagency review must take place within 200 days of the date of the memo, and a report and recommendations will be submitted to the president for further direction and action.

Share page with AddThis