Go to contents

Bush Targets Corrupt Nation Finances

Posted August. 12, 2006 10:21,   

한국어

On August 10, U.S. President George W. Bush declared that preventing kleptocrats of autocratic states from gaining access to international financial system is one of the U.S. administration’s key missions. The U.S. State Department singled out the North Korean government led by Kim Jong Il as one of the major targets.

In his statement, President Bush said, “Corruption by senior officials and kleptocracy is a serious abuse of authority undermining our efforts to advance freedom and democracy, end poverty, international crime and terrorism,” and added, “The U.S. declares a fight against corrupt officials of dictatorships.” At the same time, Bush stressed that the success or failure of the fight depends on the participation of nations sharing the goal with the U.S. and international financial organizations.

While not specifically stating the current corrupt politicians of the world targeted by the measure, the U.S. administration only mentioned former leaders such as former Iraqi President Saddam Hussein and former Peruvian President Alberto Fujimori.

However, at a briefing aimed at further explaining about the statement, when asked about whether North Korea was of special concern, Undersecretary for Economic, Business, and Agricultural Affairs Josette Shiner said, “North Korea, in many aspects, is of special interest but, is also very central in this issue.” Shiner explained, “Being central means corruption takes place at various levels and there is a structure for the demand and supply of corruption.”

Shiner emphasized, “The U.S. is most concerned about grand corruption, in other words, the situation where the corruption by high-ranking officials spreads out to the overall government and so the money is used in illegal purposes as opposed to be used in the national development.” Washington sources interpreted the illegal purposes as the counterfeiting of notes and development of weapons of mass destruction (WMD).

Undersecretary Shiner highlighted that the U.S. would punish kleptocrats through cooperation with U.S. departments at all levels and collaboration with foreign agencies.

In addition, the U.S. Treasury Department, in a statement posted on its homepage on that day, noted, “Treasury will prevent kleptocrats from transferring illicit proceeds through international financial system,” and said, “In certain cases, Treasury can also be guaranteed specific authority to freeze the network of kleptocrats outside the U.S.” The authority is similar to the practice of the Treasury either freezing or monitoring the North’s foreign accounts so far.

The U.S. announcement to combat kleptocracy can be interpreted as the Bush administration suggesting yet another policy principle, just as the theory of spread and advancement of democracy, a basis of the U.S. foreign policy.



sechepa@donga.com