Panama Papers and the looting of Africa

The Panama Papers leak in 2016 revealed the extensive involvement of African countries in offshore dealings. This publication explores the consequences of illicit financial flows and the global financial transparency in Africa. It sheds light on the systemic failure within the global financial architecture and the infrastructure supporting offshore territories and high secrecy jurisdictions. Through case studies from various African nations, including Uganda, Sierra Leone, and Mozambique, the publication uncovers corruption, tax havens, and the underpricing of valuable resources. The study emphasizes the urgent need for domestic resource mobilization and offers recommendations to curb the looting of Africa's wealth.