US Treasury Secretary Janet Yellen lamented that large amounts of illegal money were entering the US financial system.
US Treasury Secretary: There is a good argument that the US is the best place to hide and launder ill-gotten gains
Washington/fikrikadim
US Treasury Secretary Janet Yellen lamented that large amounts of illegal money were entering the US financial system.
“At the moment, there is a good argument that the United States is actually the best place to hide and launder ill-gotten gains,” Yellen said yesterday at the US-hosted 2-day Democracy Summit.
Switzerland and the Cayman Islands have long been the focus of attention of tax authorities around the world.
However, Yellen said, “It is not true that revenues from corruption or illegal activities are only sent to countries with a history of flexible and confidential fiscal laws. These are also entering our markets,” she explained.
Yellen highlighted the anti-corruption strategy that President Joe Biden’s administration has put in place this week, including proposed rules for uncovering front companies and real estate owners.
“There is a lot of financial shadow shrouding corruption in the United States. We need to keep them under the spotlight,” he said.
Noting that some states allow shell companies to be established without revealing who actually owns them, Yellen warned that there is also corruption in the country’s corrupt tax system that allows the country’s top earners and biggest companies to commit fraud.
