Great paper from @S_de_Oliveira on placing Africa (and African elites) in broader offshoring context:
Some highlights below (1/n)
https://twitter.com/WillFitzgibbon/status/1403751244565471235
Some highlights below (1/n)
Foreign direct investment in Africa could be as low as a *quarter* of African capital flight per year: 
Context:
—Per the OECD, "an estimated 10 trillion Euros are currently held in offshore accounts."
—Offshore accounts are now "the most important instruments in the contemporary globalized financial system."
—Offshore is not "a violation of the system, but the system itself."
—Per the OECD, "an estimated 10 trillion Euros are currently held in offshore accounts."
—Offshore accounts are now "the most important instruments in the contemporary globalized financial system."
—Offshore is not "a violation of the system, but the system itself."
Why aren't more African countries offshore havens themselves (aside from Mauritius and the Seychelles)?
—Lack of apolitical financial sectors
—Poor judicial systems
—"Offshore agendas have rarely been purposeful domestic state-building strategies for African elites"
—Lack of apolitical financial sectors
—Poor judicial systems
—"Offshore agendas have rarely been purposeful domestic state-building strategies for African elites"
Recent years have seen African elites increasingly turning to Asian offshore/tax havens, due to:
—More investigative scrutiny in traditional offshore havens (things like bad press in Switzerland)
—Identical offshoring/financial secrecy services in Dubai, Hong Kong, and Singapore
—More investigative scrutiny in traditional offshore havens (things like bad press in Switzerland)
—Identical offshoring/financial secrecy services in Dubai, Hong Kong, and Singapore
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