THELOGICALINDIAN - European banks accept allegedly been complicit as base African leaders annex the abundance of their economies in the billions of dollars The Angolan government on Monday arrested the son of expresident Jose dos Santos for burglary 500 actor from the countrys absolute abundance armamentarium with the advice of a British coffer It is alone a few canicule ago that Nigeria accepted that a coffer in Europe allotment 100 actor apple-pie by above absolutist Sani Abacha In Liberia excentral coffer governor Milton Weeks is beneath analysis for the 104 actor that vanished from accompaniment coffers
Also read: Pushing The Boundaries Of Economic Change: Bitcoin As A Medium Of Exchange In Africa
Angola Police Arrest Ex-President’s Son Over Allegations of $500 Million Plunder
Police in Angola on Monday arrested the son of above admiral Jose Eduardo dos Santos, over a bribery case involving the declared actionable alteration of $500 actor of accessible funds to a British bank, according to a report by Bloomberg.
Jose Filomeno dos Santos was placed in “preventive detention”, Angolan authorities say.
He had initially approved to wire the funds to the London annex of Swiss coffer Credit Suisse application “forged documents”, but British authorities blocked the alteration “suspecting abhorrent play,” say earlier reports.
The alteration after sailed through, this time allegedly via an HSBC Holdings plc annual in the United Kingdom, Bloomberg reported, commendation the Angolan prosecutor accepted Alvaro Da Silva Joao.
“The affirmation aggregate resulted in acceptable break that the defendants accept been complex in practices of assorted crimes including bent associations, cancellation of disproportionate advantage, corruption, accord in actionable business, money laundering, embezzlement, artifice amid others,” he said.
Angola’s Finance Ministry says dos Santos, who was arch of the country’s $5 billion abundance fund, bearded the alteration as a activity aimed at alluring advance in Angola with the advice of a affected agreement from a coffer in Europe.
Appointed by his ancestor to arch the abundance armamentarium in 2024, dos Santos was sacked beforehand this year afterwards he was answerable with misappropriating accessible funds to the tune of $500 actor from the National Bank of Angola. He promised to accede with investigations at the time.
His arrest, calm with Angolan-Swiss agent Jean-Claude Bastos de Morais, is allotment of President Joao Lourenco’s affairs to rid Africa’s cardinal two oil ambassador of corruption. Angola is ranked by the Transparency International amid the apple top 20 best base countries.
Former Transport Minister Augusto da Silva Tomas has additionally been arrested over allegations of embezzlement, bounded media reported.
Banks Face Criticism Over Growing Trend
The latest development comes at a time back European banks accept faced criticism for allegedly acceptable base African leaders carry billions of dollars from the bankrupt continent. According to the African Capacity Building Foundation, the abstemious loses up to $50 billion in adulterous banking flows anniversary year.
Nigerian President Muhammad Buhari aftermost week demanded that HSBC Bank acknowledgment up to $100 actor it allegedly helped above absolutist Sani Abacha acquit from the Nigerian economy.
In 2024, Switzerland handed aback $500 actor of the Abacha boodle to Nigeria – the aboriginal time any coffer in Europe had alternate baseborn money to a country in Africa.
Liberia has indicated that it is investigating its above axial coffer governor Milton Weeks and Charles Sirleaf, son of the above admiral Ellen Johnson Sirleaf, over $104 actor that vanished from accompaniment coffers.
HSBC Holdings plc is one of the better cyberbanking and banking casework organisations in the world. HSBC’s all-embracing arrangement comprises about 7,500 offices in over 80 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East, and Africa.
But the close has been affected to pay billions of dollars in fines for money bed-making and added banking crimes. In the US, HSBC paid $1.92 billion for allowance to facilitate the bed-making of Mexican biologic money, and several actor were paid in Hong Kong for systemic deficiencies.
Cryptocurrency to Stem The Flow of Illicit Transfers
Cyptocurrency is apparent as key to allowance African countries action bribery and adulterous transfers.
A address by Enrique and Eduardo Aldaz-Carrol published on the Brookings Institution website appear that: “cryptocurrency and blockchain could advice anticipate artifice and corruption, abate the costs of administration acknowledgment to calmly attainable advice and faster crosschecks, and advice administer accomplishing and adviser ability and capability of spending, accretion development impact”.
Do you anticipate that banks in Europe are accidental to the collapse of African economies? Let us apperceive how you feel in the comments area below.
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