The world is locked in a struggle between the rule of law and corruption. On the one side are democratic governments that respect the rule of law; on the other, authoritarian regimes that steal with impunity and view the rule of law with disdain.
Sadly, the former enables the latter by providing a safe haven for stolen assets. Once laundered, this ill-gotten money is used to finance crime and terrorism, corrupt public institutions, and fund criminals’ luxurious lifestyles.
The OSCE, NGOs, and national governments have emphasized incorporation transparency as an effective way to combat global corruption. The EU has been at the forefront of this effort, enacting rules that require Member States to maintain registers of the beneficial owners of companies and other structures associated with laundering the proceeds of crime.
This hearing examined the development of the EU’s beneficial ownership transparency provisions as well as the success of their implementation as relates to corruption as a vector for authoritarian influence in Europe. Witnesses also addressed transparency and anti-money laundering policies in the United States as they relate to U.S. foreign policy.