It must be a first: a US Treasury Secretary announcing that “there’s a good argument that, right now, the best place to hide and launder ill-gotten gains is actually the United States”.
Janet Yellen’s remark at a US-hosted summit last week intended to shore up liberal democracies worldwide illustrates an important turn in US policy.
The Biden administration’s focus on corruption and money laundering may so far have attracted less notice than its other big policy decisions.
But it is the most meaningful manifestation of the US president’s argument that making the economy work for ordinary Americans is intimately connected to US national security and foreign policy interests.
This article was originally posted on ft.com