Attacking Global Corruption
By Roma Blackham, Marketing —
The United States has begun to crack down on corrupt officials that are overseas, causing some to accuse the United States of overstepping its boundaries. However, it would seem that cracking down on corrupt foreign officials is in the country’s best interest. Corrupt officials bringing stolen money into the country has caused inflation in New York and Miami, among other places. American officials also see corruption as contributing to global instability through obstructing development, and intensifying poverty.
America Goes After Corruption in Malaysia
Just last week, the United States Justice Department sued three men who stole $3 billion from the Malaysia government’s investment fund. This fund should have been used for investments that would give return profits, which would then be used to help support the Malaysian people. These men, who are close friends and family to the Prime Minister of Malaysia, allegedly spent the money on gambling activities, high-end Manhattan real estate, and $200 million worth of art.
Further Action Against Corruption
In addition to cracking down on corruption in Malaysia, the United States also recently went after the corrupt leaders of FIFA. Cases like these are increasing while the global response has yet to come. According to Global Financial Integrity, $7.8 trillion was stolen through tax evasion, and corruption. So far, the United States has pursued 28 public foreign corruption cases and frozen $2.8 billion. Of the $2.8 billion, the United States has managed to return about $145 million to the intended beneficiaries of the money.
Continuing to Reduce Global Corruption
In order to continue to reduce corruption on a more widespread scale preventative measures must be taken on a day-to-day basis. One way that corrupt officials hide their money is in offshore bank accounts and in property. While nations are beginning to share information about taxpayers who have assets in multiple countries, there is more that can be done to prevent corruption. One option lies with implementing stricter procedures for opening bank accounts. EyeDetect tests could be used to vet applicants in order to determine whether they are using the bank account to hide stolen money.
Photo courtesy of pixabay.