Biden Administration Unveils New Strategy On Countering Corruption

On Monday, President Joe Biden released the United States' first-ever Strategy on Countering Corruption. This guidance emphasizes the importance of responding to the threat of transnational corruption, and on preventing bad actors from using United States and international financial systems to hide assets and launder money sourced from corrupt acts.¹ The new plan arrives six months after President Biden first announced his intention to prioritize the fight against corruption, citing its threat to "national security, economic equity, global anti-poverty and development efforts, and democracy itself."² In light of the new plan, we can expect to see additional resources dedicated to law enforcement to combat corruption, with an uptick in investigations undertaken by both state and federal authorities. In response, companies should ensure that their compliance programs are up-to-date and address risks companies face.