Publication

This publication discusses corruption and secrecy jurisdictions and its negative effects on sustainable development in Africa. The author explains that bankers, lawyers and accountants who operate from secrecy jurisdictions actively encourage corrupt practices by facilitating illicit financial flows through an offshore interface between the illicit and licit economies. The publication explains that financial market liberalization has contributed to this problem by not addressing the secrecy space comprised by banking secrecy, non-disclosure of ownership of corporations and other legal entities, lack of accounting transparency for multinational companies, and the lack of provisions for effective exchange of information between national authorities.