On Dec. 9, 2021, at the inaugural Summit for Democracy, Treasury Secretary Janet Yellen made a stunning admission: Her country had become the world’s most sought-after shelter for criminals’ money.
“In the popular imagination,” she said, according to the prepared text for the virtual event, “the money-laundering capitals of the world are small countries with histories of loose and secretive financial laws.
The good news: They’re slowly succeeding.
New laws and rules, most of which were in the works before her speech, are stripping away veils of secrecy, making it easier to find and prosecute the bad guys.
That’s good for democracy, because nothing corrodes faith in democracy more than the sense that the system is rigged and cheaters prosper.
Persons:
Janet Yellen, ”, ” Yellen, They’re, Raymond W, Baker, Democracy —
Organizations:
for Democracy, “, Democracy
Locations:
United States