Africa Must Lead on Capital Flight
The Pandora Papers revealed a wealth of information about the inner workings of offshore finance, leading to calls for international action to combat tax avoidance and evasion. This has been a longstanding problem in Africa, yet organizations on the continent are not leading the push for reform.
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CAPE TOWN/OXFORD – The Pandora Papers, the largest investigative effort yet to shed light on the world of offshore finance, show just how serious the challenge of illicit financial flows is for Africa. The papers reveal that many prominent Africans hold assets in major financial centers abroad with the help of professional enablers who provide them with secrecy, ensure asset protection, and secure tax exemptions.