Quote…”The offshore industry has long protested against the charge that it facilitates the theft of Africa’s natural resources. A report published in 2014 by a lobbying group for Jersey’s financial services sector argued that tax havens facilitated efficient investment in the developing world, a claim that has been echoed by a US group that lobbies in favour of tax havens.”
Another presumptive and vacuous article connecting the stolen Panama Papers of Mossack & Fonseca to corrupt practices in Africa has us laughing at the sensationalism. Does the media or international business community have any idea how corrupt and despotic are the governments and financial systems in Africa? To have African politicos pointing fingers at Panama for “corrupt practices” is like Hitler pointing his finger at Gandhi with accusations of genocide.
We continue as a lone, rational voice in the wilderness of ethical journalism proclaiming the value and innocence of 95% of all offshore corporations and accounts. SOMEONE has to speak out against the false premises global media is basing their Panama Papers accusations on. The sources of most funding of African projects comes from these varied offshore funds. Money goes in…money goes out. That is the norm in a globalized economy, and especially in economies where there is no political or currency stability. It is normal for a holding company to want its money held in offshore, multi-currency accounts. This is smart business…not corruption.
Poor Africans generally are not able to control illicit mining and flow of its valuable resources to international conglomerates. Yet, instead of blaming offshore accounts, they should be pursuing the African political middlemen or Presidents/Dictators who are controlling those contracts and financial transfers to external accounts from within their countries. This is domestic corruption at its finest. Blaming offshore entities is simply attacking the symptoms of the problem…not getting to the root of it.
Where is the media coverage on those local entities, rapists, and pillagers of whole domestic economies? We guess they are still focused on little Panama. A very successful diversion by the neocons…
These and many other issues are being addressed in “The Truth about the Panama Papers”.