It precludes essential government services from getting to the people who need it. Corruption erodes democracy and the rule of law.
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This week, leaders from democratic countries are gathering all across the world to discuss the threats democracies face and how to overcome them.Īs you know, corruption is among the most corrosive of those threats. Thank you very much for joining me here today at this important event. This commitment is in line with the revised FATF standard, which requires countries to improve the transparency of legal persons, like shell companies, and to prevent their misuse.Ĭlick here to read the Summit for Democracy Commitment on Beneficial Ownership and Misuse of Legal Persons. In late 2021, the United States announced its first-ever whole-of government strategy to counter corruption, and has been implementing the strategy throughout 20.Īs part of Treasury’s anti-corruption work, the Secretary today announced the launch of a commitment by the United States and more than twenty foreign governments and authorities participating in the Summit to enhance beneficial ownership transparency. Yellen brought together leaders from government, civil society, and international organizations to discuss efforts to counter corruption and illicit finance in order to uphold the rule of law, promote good governance, and ensure an equal economic playing field. WASHINGTON – Today, as part of the Biden-Harris Administration’s second Summit for Democracy, Secretary Janet L.
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