Through the publication in June 2021 of the National Security Study Memorandum (NSSM-1), the president of the United States, Joe Biden, recognized international corruption as a major risk to his country’s security due to its ability to erode democracy and the rule of law in nations of the world.
In response to this recognition, a working group was formed to devise a definitive and unified strategy focused on combating corruption on various fronts. The strategy itself is a summary of actions that have been implemented and new ones that would improve the global impact of the US government’s effort to attack this problem.
Integrating the application of the already well-known FCPA (Foreign Corrupt Practices Act), with new anti-money laundering regulations and the implementation of the Registry of Final Beneficiaries, as well as allocating criminal liability to foreign public officials who request or accept bribes, are just a few of the strategies expected to be implemented in the working group’s documentation.
In the formulation of the document, the following five fundamental pillars were identified.