Blogs

By Jean Pierre Brun

In 2009, Saif Gaddafi, the son of the then Libyan leader bought an eight bedroom neo-Georgian mansion (see image above) complete with indoor swimming pool and private cinema in a leafy suburb of North London. The property was purchased through a British Virgin Island (BVI) company, in what the estate agent described as a  “quicker than normal” viewing.

by Emily R. Adeleke

“De-risking” is the word of the day in the AML/CFT community in recent months. At the same time, those who care about financial inclusion and value the critical importance of remittances in development are expressing legitimate concerns that banks are cutting off business relationships with entire classes of customers.

In December 1995, General Sani Abacha - then the military dictator of Nigeria, re-negotiated the terms of a contract for the building of an aluminum smelter and power plant in the country by the German company Ferrostaal. The contract price to be paid by Nigeria was raised by approximately US$1 billion. What was not part of the contract, but was part of the deal, was that 25% of that increase would be paid back to General Abacha himself, via a number of Liechtenstein companies beneficially owned by him: a classic example of a kickback.

Qu'est-ce qui se passe lorsque le loup prend contrôle de la bergerie? Ou pour le dire plus clairement, qu’est-il possible de faire quand ceux qui sont censés diriger l'économie d'un pays font d’elle leur propre entreprise personnelle, en particulier lorsque ce type d’appropriation est effectué par le biais de normes juridiques et de règlements légaux dans la forme - mais de facto illégitimes?

What happens when the fox takes over the chicken coop? Or to put it in another context, what can you do when those meant to be responsible for running a country’s economy turn it into their own personal enterprise, particularly when such take-over is carried out by formally legal -  but de facto illegitimate - rules and regulations?

Professor Matthew Stephenson, one of the founders of the Global Anti-Corruption blog, recently commented on our StAR publication in his post ‘What’s Left Out Of Left Out of the Bargain’. We very much welcome his insights and share his desire for further debate.