These same tools and authorities could serve as a powerful deterrent against strategic corruption, but to date they have not been deployed to their full potential. The tools and authorities developed by the Treasury Department in its three-decade war on illicit finance now allow it to apply economic coercion to an extraordinary breadth of people and organizations-essentially any actor that wants to conduct transactions in dollars or seeks access to dollar-denominated assets, as well as the client of any institution that conducts some or all of its business in dollars. dollar in facilitating cross-border commerce and the movement of capital across national lines. power abroad: the uniquely important role of U.S.
officials acted swiftly and innovatively to meet a protean threat landscape by drawing on one of the country’s most important, but often underrated, vehicles for projecting U.S. 2 More recently, the United States has used many of the same tools developed to combat terror financing to weaken the financial support networks of transnational criminal organizations and other malign actors that depend on access to foreign markets.
1 After the September 11 terrorist attacks, the Bush administration built on this foundation to create a formidable interagency mechanism, centered in the Treasury Department and supported by new legal authorities, to stop the financing of terrorist groups, and also deployed these capabilities to shut down the banks that were funding North Korean nuclear proliferation. In the 1980s and 1990s, concerns over drug trafficking, nuclear proliferation, and terrorism led to the creation of an infrastructure aimed at identifying and disrupting the flows of funds that enabled those crimes. Over the past 30 years, the United States has become increasingly effective at using its influence over the global financial system to protect its national security. government tasked with supervision of the international financial system, above all the Treasury Department. In particular, curbing strategic corruption and the kleptocratic networks that enable it will depend critically on the analytic capabilities and regulatory power of the actors within the U.S. These features of strategic corruption mean that an effective response will require the participation of a broad set of stakeholders within the national security community. More specifically, it has risen because of enduring ungoverned financial spaces in the global economy and gaps in anti-money-laundering frameworks both in the United States and in many other advanced economies. As with earlier threats that have been fueled by access to mobile capital, strategic corruption has thrived thanks to international financial connectivity.
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