The looting of Africa by its elites with the witting or unwitting complicity of overseas partners is an old, sad song. Looters are flexible and clever. As Britain and France tighten the screws on money laundering, looters have begun to look elsewhere. A recent investigation by Canadian media and African Arguments shows the growing popularity of Montreal as a place for francophone African elites to launder their money. Over a dozen politically connected francophone Africans have purchased real estate worth CAD 26 million, usually without a mortgage. While this is clearly evidence of a trend away from more traditional money-laundering cities, Montreal is far from the big leagues. A UK parliamentary committee estimated in 2016 that $130 billion from all geographical sources is laundered through the London real estate market each year.
June 09, 2017 at 09:30AM
from Anti-Corruption Digest
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