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There are 2 weeks left in the 116th Congress, which promises to be the BIGGEST anti-kleptocracy Congress in at least a decade! A THREAD on what looks likely to pass (
):
Beneficial ownership
Rodchenkov Act
COUNTER Act
CROOK Act*
Kleptocracy whistleblower rewards
): Beneficial ownership Rodchenkov Act COUNTER Act CROOK Act* Kleptocracy whistleblower rewards
The big prize is the Corporate Transparency Act in the National Defense Authorization Act, which will end U.S. anonymous shell companies. Members have announced that the legislation is secured in the NDAA. A vote on this omnibus bill is expected soon. https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=407024
The Rodchenkov Anti-Doping Act is currently on the President's desk awaiting signature into law. It redefines doping as fraud and outlaws it in international competitions. The intl sport framework is an underappreciated venue for kleptocrats to run amok. This law will deter that.
The Coordinating Oversight, Upgrading and Innovating Technology, and Examiner Reform (COUNTER) Act in the NDAA is a wide-ranging AML reform package that really deserves its own thread! Notably, it puts AML requirements on antiquities & mandates strategies on TBML and CCP tactics.
The Countering Russian and Other Overseas Kleptocracy (CROOK) Act in the NDAA would require an anti-corruption rapid response fund and streamline U.S. foreign anti-corruption work. Sadly, the fund will not come to be this Congress, but mandated AC POCs in embassies appear likely!
The Kleptocracy Asset Recovery Rewards Act (KARRA) in the NDAA also appears likely to survive. It provides rewards to whistleblowers who furnish information that leads to the recovery of foreign stolen assets hidden in the United States.
HONORABLE MENTION:
The Foreign Extortion Prevention Act sadly did make it this Congress, but is no less important for it. The bill outlaws the demand side of foreign bribery, providing a much-need other side to the FCPA. This will be on the agenda in the 117th Congress.
The Foreign Extortion Prevention Act sadly did make it this Congress, but is no less important for it. The bill outlaws the demand side of foreign bribery, providing a much-need other side to the FCPA. This will be on the agenda in the 117th Congress.
HONORABLE MENTION:
The Kleptocrat Exposure Act is a further elaboration on authorities provided under the Global Magnitsky Act and 7031(c) visa bans. It amends the underlying law to enable the State Department to reveal the names of kleptocrats banned from the United States.
The Kleptocrat Exposure Act is a further elaboration on authorities provided under the Global Magnitsky Act and 7031(c) visa bans. It amends the underlying law to enable the State Department to reveal the names of kleptocrats banned from the United States.
HONORABLE MENTION:
The Justice for Victims of Kleptocracy Act is a short bill that would mandate the USA publish all assets recovered in the country and to whom they belong. The USA has a great story to tell here and victims of kleptocracy want to know what their leaders stole.
The Justice for Victims of Kleptocracy Act is a short bill that would mandate the USA publish all assets recovered in the country and to whom they belong. The USA has a great story to tell here and victims of kleptocracy want to know what their leaders stole.
This bipartisan anti-kleptocracy foundation is only the beginning of what the United States can do to fight this existential threat. I'm hopeful that the 117th can go EVEN BIGGER!
None of this would be possible without the incredible, determined, transnational coalition of anti-kleptocracy advocates, journalists, and industries that highlighted and hammered on this threat. THANK YOU. Our work is not done, but you have def earned a lovely holiday break!
In the meantime, keep your eyes peeled. We're not out of the woods yet! Lots still to happen in the next few days.
