Will Biden’s Sham Corruption Crackdown Endanger Freedom?

Renouncing corruption is the easiest way for rascally politicians to appear honest. Upholding a venerable Washington Kabuki tradition, President Joe Biden announced on Thursday that he was “issuing” a memo to “establish combatting corruption as a core U.S. national security interest.” But Biden’s crackdown is more likely to subvert financial freedom than to create a new era of trustworthy politicians.

Though Biden’s announcement evoked predictable praise from the media, the latest push for purity will likely include the same exemption used in federal anti-money laundering regulations. Federal agencies require banks to take far more precautions when handling financial transactions involving “politically exposed persons” – which includes almost all foreign politicians, their family members, friends, associates, and anyone else likely to take the money and run. But, as a 2020 federal regulatory notice declared, federal banking agencies “do not interpret the term ‘politically exposed persons’ to include U.S. public officials.” Biden and his appointees are castigating foreign corruption but his crackdown will likely exclude corruption by the U.S. government and American politicians.

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