Anonymous Shell Companies Used to Steal from Africa

By Lucas Giese

New articles released by the International Consortium of Investigative Journalists reveal the role of anonymous shell companies in tax evasion and corruption related to African natural resource extraction. Documents obtained from the Panama Papers leak from the law firm Mossack Fonseca illustrate how corrupt officials use shell companies to hide financial crimes and corruption.

Officials use anonymous shell companies to hide wealth siphoned from national extractive industries, like oil production or diamond mining.  Instead of reinvesting that wealth in Africa to benefit local communities, officials diverted the funds for personal use, buying luxury goods and real estate across the world.

Read more at:

https://panamapapers.icij.org/20160725-natural-resource-africa-offshore.html

http://www.nytimes.com/2016/07/25/world/americas/panama-papers-reveal-wide-use-of-shell-companies-by-african-officials.html

 

Read more about Jubilee USA's work to stop corruption facilitated by anonymous shell companies: http://www.jubileeusa.org/fileadmin/JubileeShellCompaniesOnePagerFinal.pdf