European Banks Complicit As Corrupt African Leaders Pilfer Billions of Dollars of Their Home Economies

By Kapil Gauhar

European banks have been allegedly complicit since corrupt African leaders plunder their home economies in the billions of dollars. The Government of Angola captured the son of ex-president Jose dos Santos on Monday for looting $500 million from the sovereign wealth fund of the country, with the help of a British bank. It’s just a few days ago that Nigeria asked that a European bank returns $100 million laundered by Sani Abacha. Ex-central bank governor Milton Weeks, in Liberia, is under the scrutiny for the $104 million that vanished from state coffers.

Angolan Police Arrest Former President’s Son Over $500 Million Plunder

On Monday, Angola police arrested the son of ex-president Jose Eduardo dos Santos over the allegations of being involved in illegal transfer of $500 million of public funds to a British Bank.

Angolan authorities say that Jose Filomeno dos Santos was put in “preventive detention”.

European Banks Facing Criticism With The Growing Trend

The new development arrives when European banks have confronted a lot of criticism for aiding corrupt African leaders to syphon billions of dollars from the barren continent. The continent misses up to $50 billion in illegal financial flows every year, as indicated by African Capacity Building Foundation.

Muhammad Buhari, President of Nigeria, demanded HSBC Bank return up to $100 million that it allegedly assisted ex-dictator Sani Abacha to launder from the Nigerian economy.

Cryptocurrency to Stem The Stream of Illegal Exchanges

Cryptocurrency is considered as a tool for helping African countries to fight corruption and illegal transfers.

A report published on the Brookings Institution website by Enrique and Eduardo Aldaz-Carrol revealed, “cryptocurrency and blockchain could help prevent fraud and corruption, reduce the costs of enforcement thanks to easily accessible information and faster crosschecks, and help supervise implementation and monitor efficiency and effectiveness of spending, increasing development impact.”