The role of offshore financial centres in elite money laundering practices: evidence from Nigeria (original) (raw)

Journal of Money Laundering Control, 2012

Abstract

Purpose – In addition to contributing to the supply side of corruption in Africa, the West has historically played a major role in laundering the proceeds. The Offshore Financial Centres (OFCs) are characterised as jurisdictions that attract a high level of non‐resident financial activity. The purpose of this paper is to examine how senior political figures, their relatives and close associates have used OFCs in moving funds that may be a product of foreign corruption into Western countries.Design/methodology/approach – The paper locates the role of OFCs within the political economy theory of globalisation to argue that mobility of capital has been promoted by a number of advanced countries and micro‐states that use their sovereignty and law‐making powers to create an environment conducive to anti‐social practices by the major corporations and the political elite. The paper uses publicly available evidence to illuminate the role played by offshore financial centres in facilitating elite money laundering p...

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