Africa's elite are plundering their countries
- Thread starter tay
- Start date
Nothing new there. African governments embraced corruption almost as soon as each one became independent. It is one of the main reasons why economic and social development is so backward in many parts of Africa.
The new leaks of financial records illustrate how powerful individuals and companies across Africa use offshore havens to not only avoid paying taxes, but also to hide bribery and illegal dealings.
The leak shows just how many of Africa's rich and powerful – from the head of Nigeria's Senate, Bukola Saraki, to Ellen Johnson Sirleaf, the president of Liberia – park their money in offshore havens.
It also raises the moral question of whether it is legitimate for the continent's elites to avoid paying taxes while the majority of Africans live below the poverty line, says Peter Jones from Global Witness, an NGO dedicated to tackling resource corruption.
At the same time, he says, it's important to remember that tax havens are also secret jurisdictions that can easily hide criminal activity, he said, from bribery to money laundering.
"Companies set up in these places hide their real owners. You can't find out very much information about who is behind them, about what the business does, or what capital it has," Jones told DW.
more
Paradise Papers reveal how tax havens damage Africa | Africa | DW | 09.11.2017
The leak shows just how many of Africa's rich and powerful – from the head of Nigeria's Senate, Bukola Saraki, to Ellen Johnson Sirleaf, the president of Liberia – park their money in offshore havens.
It also raises the moral question of whether it is legitimate for the continent's elites to avoid paying taxes while the majority of Africans live below the poverty line, says Peter Jones from Global Witness, an NGO dedicated to tackling resource corruption.
At the same time, he says, it's important to remember that tax havens are also secret jurisdictions that can easily hide criminal activity, he said, from bribery to money laundering.
"Companies set up in these places hide their real owners. You can't find out very much information about who is behind them, about what the business does, or what capital it has," Jones told DW.
more
Paradise Papers reveal how tax havens damage Africa | Africa | DW | 09.11.2017
