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


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

WASHINGTON (Reuters) – The U.S. Treasury Division should play a serious position in combating corruption at residence and overseas, Treasury Secretary Janet Yellen advised President Joe Biden’s democracy summit on Thursday, unveiling a brand new “kleptocracy fund” to reward tips about the place corrupt international leaders hid their cash in the USA.

She stated the Treasury was working to crack down on cash laundering and illicit finance from abroad, whereas beefing up enforcement in opposition to tax evaders at residence who value the Treasury $600 billion in revenues final yr alone.

“In any case, the USA can’t be a reputable voice without spending a dime and truthful authorities overseas if on the identical time we enable the rich to interrupt our legal guidelines with impunity,” she stated.

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