Alexander Cooley and Casey Michel write about how the United States’ legal community became global oligarchs’ most useful enablers.
The Biden administration has elevated the fight against global kleptocracy to a foreign-policy priority. National Security Advisor Jake Sullivan has openly called for the West to tighten the rules and regulations that allow corruption and authoritarian capitalism to thrive while acknowledging much of this transparency must begin at home. With the recent passage of the landmark Corporate Transparency Act—which calls for increased disclosure of the actual owners of shell companies—the United States appears serious not only about tackling foreign kleptocrats abroad but also about cracking down on professionals in the United States who have abetted the laundering of money and reputations on behalf of corrupt foreign officials.