In These New Times

A new paradigm for a post-imperial world

The myth of the Offshore: How Africa lost $1 Trillion to tax havens

Posted by seumasach on December 15, 2018

New African

6th January, 2017

For over 40 years, African countries have been haemorrhaging more money than they receive in aid and foreign investment. 80 per cent of these illicit financial flows are siphoned through London, giving the lie to the idea that tax havens function independently. Over the last decade alone, $1 trillion of African money has been squirrelled away into secret jurisdictions, with the full knowledge of Western governments. Khadija Sharife has spent a year examining the Panama Papers and now reveals the inner workings of a monumental scandal.

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