Africa Loses More Money to Illicit Financial Flows than it Receives in Foreign Aid
- Quartz Africa 2016
- 3p.
This article is based on Panama Papers, a global investigation into the sprawling, secretive industry of offshore that the world's rich and powerful use to hide assets and skirt rules by setting up front companies in far-flung jurisdictions. A huge trove of leaked documents from a Panamanian law firm that’s a major player in offshore tax havens has revealed the secret companies controlled by members of the African elite, from Kenya’s deputy chief of justice and Rwanda’s former intelligence chief to the son of former United Nations general secretary Kofi Annan.
