Sen. Elizabeth WarrenElizabeth WarrenWarren, Democrats urge Trump to back down from veto threat over changing Confederate-named bases OVERNIGHT DEFENSE: Joint Chiefs chairman says he regrets participating in Trump photo-op | GOP senators back Joint Chiefs chairman who voiced regret over Trump photo-op | Senate panel approves 0B defense policy bill Trump on collision course with Congress over bases with Confederate names 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.”
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 TrumpSenate advances public lands bill in late-night vote Warren, Democrats urge Trump to back down from veto threat over changing Confederate-named bases Esper orders ‘After Action Review’ of National Guard’s role in protests 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.