Illicit financial flows are estimated to cost the global economy trillions of dollars annually. They have devastated the developing world and increasingly undermine capitalism and rule of law in advanced democracies.
As the world’s two biggest financial centers, the United States and the United Kingdom have a unique responsibility to confront transnational corruption and other economic crime. The United States has long been the global leader on financial crime enforcement, while the United Kingdom has championed corporate transparency and other innovative reforms, but vulnerabilities in money laundering, and other areas, remain.
Senator Cassidy and Mr. Penrose discuss how to strengthen cooperation against illicit finance.