Africa in the news: Panama papers expose tax evasion, Boko Haram takes heavy human and economic toll on Nigeria, and UNECA highlights African industry in new papers


African officials and multinationals exposed in Panama Papers scandal


This week, 11.5 million documents from Panamanian law firm Mossack Fonseca, which specializes in offshore holding companies, was leaked to media organizations including the BBC and the Guardian. The reports linked more than 140 public officials from several countries worldwide to overseas assets in tax havens. As a result, a number of government officials have faced scrutiny and criticism from their taxpayers. For example, Iceland’s prime minister resigned after the reports revealed that he had set up a company in the U.S. Virgin Islands to allegedly conceal a conflict of interest between his firm and a payout from Icelandic banks, which he helped to facilitate.

The reports also tied several prominent African businessmen and politicians to offshore assets and raised questions about the state of natural resource management and tax evasion in the subcontinent. Several

... read more at: