The Secretary of the Treasury, Janet Yellen, announced on Tuesday the launch of a compromise between the United States and more than 20 governments to create a company property registry to help them fight more effectively against corruption.
Yellen announced the new initiative, which includes measures to apply the rules of the Financial Action Task Force (FATF) about transparency and beneficial ownership of companiesat the State Department Democracy Summit.
The commitment requires the signatory countries to update legal and regulatory frameworks to ensure that the organisms law enforcement and other authorities have effective access to information on the ownership of companies.
With this it is intended make it difficult for corrupt actors to hide identities, assets and criminal activities through corporate structures and opaque societies.
“This commitment is in line with the revised FATF standard, which requires countries to improve the transparency of legal personssuch as shell companies, and prevent their misuse,” Yellen said.
“And it reaffirms the support that the United States and its democratic partners share in improving financial transparency, fighting corruption, and upholding the rule of law.”
Yellen’s proposal comes after a financial crisis broke out that, according to what they said, was linked to the mismanagement of the banking sector.
Last week Yellen had summoned financial regulators to an emergency meeting to try to stop the banking crisis, which now threatens to destabilize the main German bank, the Deutsche Bank.
This week the Argentine president Alberto Fernandez He is in the United States to arrange a bilateral meeting with his American counterpart Joe Biden. The Minister of Economy, Sergio Massawill accompany him and meet with the head of the IMF, Kristalina Georgieva.
Source: Ambito
