President Biden has announced an anti-corruption drive that will be targeting the home deals for the transactions of illegal cash.

According to the officials of the Biden administration, the anti-corruption drive is planned to be promoted on the U.S Summit for Democracy level where new dimensions of transactional money will be analyzed, especially when payments are made to buy houses.

President Joe Biden had ordered its administration to craft new policies in order to thwart the ongoing illegal activities across the country

President Joe Biden

The initial steps were outlined in a proposal that was 38 pages long by the U.S National Security Strategy.

The U.S Treasury Department stated that it is working with the National Security Strategy to introduce new rules which will help them in making a better identification of all the real estate transactions that are made in cash, this will enable them to reach the sheltered illegal profits.

“The ability of illicit actors to launder criminal proceeds through the purchase of the real estate,” Treasury said, “threatens U.S. national security and the integrity of the U.S. financial system.”

The moves were instigated after a series of reported leaked documents since October, especially after the Pandora papers. These leaks raised the alarm about how discreetly the money is being moved abroad right under the nose of the Biden administration. The taxes are being dodged to cover up any wrongdoing or any kind of accountability.

The Biden administration announced that the President will be hosting a very important virtual summit on Thursday and Friday, which will comprise 110 participants from across the globe.

The main reason for this virtual summit – Summit for Democracy is to put pressure on authorities and the administration to counter-check the money leaking to different countries, specifically Russia and China.

The Biden administration plans to target the homes deals in the first phase of the anti-corruption drive as it is one of the main venues where the illegal money is being fostered.