"Why does the Western world feed Africa with one hand while taking from it with the other? [...] International money laundering regulations are supposed to stop the proceeds of corruption being moved around the world in this way, but it seems the developed world's financial system is far more tempted by the prospect of large cash injections than it should be. Indeed the West even provides the getaway vehicles for this theft, in the shape of anonymous off-shore companies and investment entities, whose disguised ownership makes it too easy for the corrupt and dishonest to squirrel away stolen funds in bank accounts overseas. This makes them nigh on impossible for investigators to trace, let alone recover. [...] The continent is rich is natural resources that are being exploited for big profits, but the money is rarely used for the benefit of the people. Instead it goes to line the pockets of corrupt officials who then often smuggle it out to be deposited in secret offshore bank accounts in the developed world. So who facilitates these transactions? And how and why does the developed world make it so easy to launder this dirty cash? In this revealing investigation for People & Power, [Zimbabwean journalist Stanley] Kwenda and the Ghanaian undercover journalist Anas Aremeyaw Anas, set off to find out."
Wet Floor
6 hours ago
