Secretary of the Treasury Janet Yellen on Thursday (9) denounced the fact that “large amounts of illicit money” end up in the US financial system, even though small countries are often seen as safe havens or places to hide or clean up money.
“It is fair to think that the United States today is really the best place to hide and launder fraudulent money,” Yellen said during a summit on democracy organized by the US government.
Switzerland or the Cayman Islands have long been the center of authorities looking for hidden money. But the money is not being sent “to countries with a history of flexible or opaque financial laws,” he said, defending the anti-corruption strategy promoted by the Joe Biden administration, saying “it could happen in our markets – or it could end”. .
“There are a lot of dark financial zones in the United States that hide corruption,” he stressed.
Among other things, he noted, many U.S. states allow companies to be set up without knowing who their real owners are.
Also, “many corrupt people can hide their money in skyscrapers in Miami or Central Park,” Yellen said, describing them as “automatic money launderers on the 81st floor.”
This “financial alchemy affects our independent and fair institutions,” he noted.
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