On the eve of the Summit for Democracy, a new report – “Private Investments, Public Harm: How the Opacity of the Massive U.S. Private Investment Industry Fuels Corruption and Threatens National Security” – reveals a gaping hole in the U.S. anti-money laundering framework that undermines U.S. national security, jeopardizes the world’s democracies, and touches the lives of ordinary Americans.
The Pandora Papers have again exposed how U.S. financial secrecy makes the country a magnet for the world’s illicit finance. Though U.S. policymakers have tried before to bring the private investment industry – private equity, hedge funds, and others – under the purview of U.S. anti-money laundering regulations, the recent revelations of a leaked 2020 FBI memo and the new elevation of anti-corruption as a core U.S. national security interest demand further action by the current administration to inject greater transparency into a more than $11 trillion industry.
Join this event to understand the confluence of factors that makes the United States private investment industry an attractive place to hide illicit funds, become familiar with case studies showing how this sector has been abused, and what the United States government can do to mitigate the U.S. financial role in fueling corruption and undermining international democracy.