Treasury’s Yellen vows big push against corruption, new ‘kleptocracy fund’

FILE PHOTO: Treasury Secretary Janet Yellen waits to testify before a Senate Banking Committee hybrid hearing on oversight of the Treasury Department and the Federal Reserve on Capitol Hill in Washington, U.S., November 30, 2021. REUTERS/Elizabeth Frantz

December 9, 2021

WASHINGTON (Reuters) – The U.S. Treasury Department must play a major role in combating corruption at home and abroad, Treasury Secretary Janet Yellen told President Joe Biden’s democracy summit on Thursday, unveiling a new “kleptocracy fund” to reward tips on where corrupt foreign leaders hid their money in the United States.

She said the Treasury was working to crack down on money laundering and illicit finance from overseas, while beefing up enforcement against tax evaders at home who cost the Treasury $600 billion in revenues last year alone.

“After all, the United States cannot be a credible voice for free and fair government abroad if at the same time we allow the wealthy to break our laws with impunity,” she said.

(Reporting by Andrea Shalal; editing by Jonathan Oatis)

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *