The Global Financial Integrity Report
The Global Financial Integrity Report (pdf download here) makes grim reading. Illegal capital flight has resulted in over £1tn lost in Africa as a whole in the last four decades. Nigeria alone has lost US$165 billion since 1970 through money laundering (making it the number one money laundering country on the continent by far). The City of London, shrouded in nineteenth century peas-souper mist and a stubborn reluctance to divulge, has a significant role to play. The West can hardly preach transparency and accountability to anyone, least of all successive British governments. Its long since that the G20 should have acted..
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1 comments:
Agreed old boy! African governments are indeed corrupt, but it takes two to tango. The role of the recipient banks is an interesting one, as they often invite ex-G8 ministers of finance, trade, etc to join the bank boards on retirement from public office. Surely, they are aware of the source of funds. But then who cares, the African themselves are nice but dim!
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