Warren unveils plan to end 'the flow of dark money' as president

Warren unveils plan to end 'the flow of dark money' as president

Sen. Elizabeth WarrenElizabeth WarrenOvernight Health Care: Nearly 100,000 children tested positive for coronavirus over two weeks last month | Democrats deny outreach to Trump since talks collapsed | California public health chief quits suddenly On The Money: Administration defends Trump executive orders | CBO reports skyrocketing deficit | Government pauses Kodak loan pending review Harris favored as Biden edges closer to VP pick MORE (D-Mass.) on Tuesday unveiled her plan to stop “the flow of dark money” as president.

Her proposal aims to curtail financial corruption and laundering schemes both domestically and internationally. Warren plans to target kleptocrats and those who use shell companies in the U.S. and abroad to avoid taxation and provide more government oversight for international transactions.

“The flow of dark money puts good governance, the free exchange of ideas, and our national security at risk,” her plan says. “As long as individuals and corporations can launder stolen funds or contraband through real estate, luxury goods, or tax havens, both equality and economic growth suffer.” 

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Laundered money accounts for 2 to 5 percent of the world’s gross domestic product, reaching up to $2 trillion every year, according to Warren’s release.

The Massachusetts progressive intends to collect improved data on international financial transactions, enact laws requiring shell companies to reveal their beneficiaries, strengthen real estate disclosure mandates and improve campaign finance law to prevent foreign interference. 

Warren also would take aim at financial organizations, lawyers and accountants who assist in illicit transactions and “enable the flow of dark money.” She would also work to expand anti-bribery laws to apply to foreign officials abroad and to collaborate with countries to stop tax evasion.

The White House hopeful also contrasted herself from President TrumpDonald John TrumpTeachers union launches 0K ad buy calling for education funding in relief bill FDA head pledges 'we will not cut corners' on coronavirus vaccine Let our values drive COVID-19 liability protection MORE, saying he has “spent his career embracing shady deals” while noting his business interactions with shell companies, including how about 20 percent of Trump’s condo sales in the U.S. are with these companies.