Corruption / financial criminality
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Illicit Financial Flow
14 March 2023 - by High Level Panel on Illicit Financial Flows from Africa
Over the last 50 years, Africa is estimated to have lost in excess of $1 trillion in illicit financial flows (IFFs) (Kar and Cartwright-Smith 2010; Kar and Leblanc 2013). This sum is roughly equivalent to all of the official development (...) -
Moderna’s free ride
29 October 2021 - by Vincent Kiezebrink
A leaked contract between Moderna and the European Commission indicates that the company’s vaccine profits will end up in some of the world’s worst tax havens. The contract signed with Moderna shows that it intends to receive payment for its EU (...) -
Mozambique: Credit Suisse fined $475 million and cancels $200 million of hidden debts
29 October 2021 - by Tim Jones
US authorities and the UK Financial Conduct Authority have collectively imposed a fine of $475 million on Credit Suisse for its role in the hidden debt scandal in Mozambique. Credit Suisse has also agreed to cancel $200 million of debt owed to (...) -
The latest Bretton Woods bean-counting scandal nearly evicts IMF director Georgieva: “Torture the data until they confess” (or until you’re busted), economists profess
13 October 2021 - by Patrick Bond
After a major leadership crisis that further degrades the Bretton Woods Institutions’ number-crunching credibility by revealing a pro-corporate bias – one that in 2017 was aimed at pleasing Beijing’s “Communist” government – yet another discredited (...) -
Illicit Financial Flows: Africa is the world’s main creditor
5 November 2020 - by Milan Rivié
In its latest report on Illicit Financial Flows (IFF) in Africa, UNCTAD (United Nations Conference on Trade and Development) discloses that 88.6 billion US$ from the continent go up in smoke every year. Not only must we ask questions about the (...) -
88 Years of Failed Democracy in Thailand
19 August 2020 - by Pithaya Pookaman
Since the promulgation of Thailand’s first constitution in 1932 following the bloodless coup that transformed an absolute monarchy to a constitutional one, the country has come to witness a roll-back in democracy and a reinvention of modern-day (...) -
Should South Africa Follow the Law of the Jungle – or the Doctrine of Odious Debt?
30 April 2020 - by Patrick Bond
South Africa’s fierce debates over the costs and benefits of a proposed International Monetary Fund (IMF) bail out of $4.2 billion unveil the country’s massive weaknesses and potential strengths, at a time food protests have moved from the slums (...) -
Mozambique : Credit Suisse is liable for the $2 bn secret debt
17 March 2020 - by Joseph Hanlon
Strenuous efforts by donors and lenders over four decades turned Mozambique from a socialist success story into a neoliberal capitalist one. The private sector dominates; a domestic elite dependent on foreign companies has been created. But a (...) -
Who really ‘state-captured’ South Africa? Revealing silences in poverty, inequality and structurally-corrupt capitalism
2 March 2020 - by Patrick Bond
The ‘state capture’ of South Africa’s parastatal agencies and government departments typically has been seen in a binary mode, with a narrative critical of two competing factions (‘Zuptas’ and ‘WMC’) within the African National Congress. A review of (...) -
Southern Africa losing US$30 billion annually in trade-related illicit outflows, external government debt payments
2 September 2019 - by Sunit Bagree, ACTSA
According to a new report, The Money Drain: How Trade Misinvoicing and Unjust Debt Undermine Economic and Social Rights in Southern Africa, launched today by ACTSA on the eve of the SADC Summit in Dar es Salaam, rich countries may be accused of (...) -
Capitalists’ immoral trickery exposed by “Mauritius Leaks”
27 August 2019 - by Lindsey Collen
The International Consortium of Investigative Journalists, the non-profit USA-based organization that published the Panama Papers, has now exposed the big companies that nip through the Mauritius off-shore to invest elsewhere : the companies are (...) -
Finance: fiddling, fetish and fiction
14 August 2019 - by Michael Roberts
Nothing changes in the finance sector globally, despite the catastrophic impact of the banks on the world capitalist economy in the global financial crash and the ensuing Great Recession. [In previous (...) -
Puerto Rico: people are in the streets against sexism, homophobia, austerity and corruption
21 July 2019 - by Pierre Gottiniaux
A political scandal recently pushed thousands of Puerto Rican people into the streets to march under the catchword ‘Ricky Renuncia!’, Ricardo, quit! - Ricardo Rossello is the island’s current governor. On 11 July 2019, an anonymous source (...) -
Illicit financial flows thwart human rights and development in Africa
5 February 2019 - by Imani Countess
The Universal Declaration of Human Rights turned 70 each year; losses that in many countries exceed foreign direct investments and development assistance. Funds that could be used to secure basic economic and social rights, for example the (...) -
Liberia: The “dictatorship of the multinational corporations”
4 October 2018 - by Moses Uneh Yahmia
Liberia has been taken over by multinational corporations that are exploiting its resources at the expense of Liberians, especially the country’s working class that serves as cheap labour to these foreign companies. Unlike other countries in (...) -
Deloitte, EY, KPMG, PWC: How the Big Four are embedded in EU policy-making on tax avoidance
12 July 2018 - by Corporate Europe Observatory
We pay our taxes, so why don’t corporations? This new report shows how the Big Four are embedded in EU policy-making on tax avoidance, and concludes that it is time to kick this industry out of EU anti-tax avoidance policy. EU policy towards (...) -
The method in the madness: Uganda’s budget 2018 is divorced from reality
19 June 2018 - by Mary Serumaga
The report of the Auditor General (AG) for 2016–2017 is another catalogue of systemic theft, embezzlement and wastage of public goods. In this, it is similar to audit reports going back at least two decades. It appears that incompetence as much (...) -
BRICS in Africa: “You are either at the table or on the menu”
5 June 2018 - by Patrick Bond
At a Johannesburg BRICS think tank, scholars get drunk on their own rhetoric South African academics and think tanks met on 28-31 May 2018 for deliberations leading to the July 2018 BRICS heads of state summit to be hosted by South Africa. (...) -
Land-grabbing and the Financialization of Agricultural Land
28 May 2018 - by Mary N. Taylor
On the occasion of the publication of the report Transnational Corporations and Land speculation in Brazil by Rede Social de Justiça e Direitos Humanos (Network for Social Justice and Human Rights), Mary Taylor of LeftEast spoke with Fábio Pitta, (...) -
“Castor Case” citizen lawsuit
7 March 2018 - by Collective
Here we published an article on the Castor Case in Spain and the citizen initiative to suit before National High Court the responsibles of this project. On Tuesday February 27th 2018, we publicly presented a CRIMINAL LAWSUIT before the (...) -
Paradise Papers: States must act against “abusive” tax conduct of corporations - UN human rights experts
10 November 2017 - by United Nations - Human Rights
GENEVA (9 November 2017) – International corporations responsible for systematic tax abuse should be downgraded by rating agencies and investment funds in their environmental, social and governance performance, UN human rights experts have said, (...) -
‘Africa Rising’ in retreat: Signs of new resistances
29 September 2017 - by Patrick Bond
Capitalism is bleeding Africa to death: illegal financial flows, legal financial outflows, FDI flows, foreign indebtedness, sub-imperial accumulation, new subsidies for infrastructure financing and uncompensated mineral and oil and gas (...) -
The Road to the Greek Hell is Paved with False EU and IMF Statistics
5 September 2017 - by Leonidas Vatikiotis
A new blatant intervention of the European Commission was triggered by the decision of the third Court of Appeal of Athens on August 1st, on the hearing of the former President of ELSTAT (Hellenic Statistical Authority), Andreas Georgiou, for (...) -
Tripping Up Trumpism Through Global Boycott Divestment Sanctions
25 January 2017 - by Patrick Bond
The forces arrayed against Donald Trump’s presidency and neo-fascist movement range from the Central Intelligence Agency to oppressed minorities, and will soon encompass the whole world once his climate change threats are carried out. From above, (...) -
Greece: The PSI and the process of bank recapitalization (2012-2016)
24 January 2017 - by Daniel Munevar
This section analyzes the impact of the debt restructuring of 2012 on Greek banks and the measures taken to ensure their proper recapitalization. It describes the role of the Hellenic Financial Stability Fund (HFSF) in this process and the (...)
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