US is ‘best place’ for money laundering, Treasury Secretary condemns – 12/09/2021

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WASHINGTON, December 9, 2021 (AFP) — While smaller countries are often seen as safe havens or places to hide or launder money, the US financial system has “large amounts of illicit money” ends, this Thursday denounced by Treasury Secretary Janet Yellen. (9).

“It’s reasonable to think that the best place today to hide and launder fraudulent money is really the United States,” Yellen said during the US government-hosted Summit for Democracy.

Switzerland or the Cayman Islands have long been the focus of authorities looking for hidden funds. But that money is not only sent to “countries with a history of flexible or opaque financial laws,” but it “could be – or could end up in – our markets,” she said, referring to the anti-corruption strategy promoted by the Joe Biden administration. while defending.

“There are a lot of dark financial sectors in the United States that cover up corruption,” he insisted.

Among others, he highlighted that many US states allow companies to be formed without knowing who their real owners are.

In addition, “many corrupt people can hide their money in skyscrapers in Miami or Central Park,” said Yellen, who described them as “automated money launderers on the 81st floor.”

This “financial alchemy affects our independent and impartial institutions,” he said.

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About the author: Sarah Gracie

Sarahis a reporter covering Amazon. She previously covered tech and transportation, and she broke stories on Uber's finances, self-driving car program, and cultural crisis. Before that, she covered cybersecurity in finance. Sarah's work has appeared in The Wall Street Journal, Bloomberg, Politico, and the Houston Chronicle.

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