As dictators are toppled and teeter, anyone could be forgiven for thinking we`ve been here before. It`s discovered they and their families have been billions stashed away in bank accounts in the west. And we thought money laundering controls had been tightened..
In the US, for example, the banks disclose the foreign assets they hold to Washington. But according to that official tally, the entire wealth held by US banks of the African oil producers, Algeria, Cameroon, Chad, Gabon, Libya and Nigeria, amounts to over $13.5 billion ( £8.3 billion), when so far $32 billion has been identified as belonging to Colonel Gaddafi and his associates alone.
How do they do it? By using asset managers in Europe and giving a European address for the account holder.
When the cash eventually reaches a US bank it shows up as being of European origin. It`s a bit more complicated than that but effectively that is what occurs.
This is how Biya and others operate around the world.
From Cameroon they use state oil company money to send abroad in France, Belgium, Morocco and Switzerland for instance where family members are based time to time and live for sometimes and then they use local address to siphon the sovereign cash into the normal financial system.
It is very difficult for someone apart from the local government and the law to trace that money into the country. They have been so wise for the moment and now the world is changing and we will not be surprised when a government will decide to tell the truth about this awful system where only few people use the sovereign oil cash for their own good.
On his private or official holidays abroad, you cannot understand and even explain or justify the spending of a huge amount of money. But Biya and his relatives do understand that they are loyal to him and will stand for him when difficult times come.
For over 28 years of reign, diversification of sovereign oil money from Cameroon to abroad has helped Biya to keep grip on the power without sharing it with others..
In the US, for example, the banks disclose the foreign assets they hold to Washington. But according to that official tally, the entire wealth held by US banks of the African oil producers, Algeria, Cameroon, Chad, Gabon, Libya and Nigeria, amounts to over $13.5 billion ( £8.3 billion), when so far $32 billion has been identified as belonging to Colonel Gaddafi and his associates alone.
When the cash eventually reaches a US bank it shows up as being of European origin. It`s a bit more complicated than that but effectively that is what occurs.
This is how Biya and others operate around the world.
From Cameroon they use state oil company money to send abroad in France, Belgium, Morocco and Switzerland for instance where family members are based time to time and live for sometimes and then they use local address to siphon the sovereign cash into the normal financial system.
It is very difficult for someone apart from the local government and the law to trace that money into the country. They have been so wise for the moment and now the world is changing and we will not be surprised when a government will decide to tell the truth about this awful system where only few people use the sovereign oil cash for their own good.
On his private or official holidays abroad, you cannot understand and even explain or justify the spending of a huge amount of money. But Biya and his relatives do understand that they are loyal to him and will stand for him when difficult times come.
No comments:
Post a Comment