Banks Criticised for Supporting Corrupt Regimes

Some of West Africa's most corrupt regimes have come under scrutiny, after being accused by the Global Witness for being supported by  of the world's largest banks.

The Global Witness is accusing several of the world's largest banks of playing a role in supporting some of West Africa's most corrupt regimes.

In a report entitled "Undue Diligence", the organisation tracked the flow of money out of a number of the world's most criticised regimes. It argues that the trail leads to, and through, a handful of the world's largest international banks, including Citigroup, Barclays, and HSBC.

Campaigner for Global Witness, Anthea Lawson, says the report documents the involvement of multi-national banks with dictators in countries including Liberia, the Democratic Republic of Congo, and Equatorial Guinea.

"By doing business with corrupt regimes and their family members, these banks are facilitating corruption and therefore poverty in some of the poorest countries in the world," explains Lawson.

To read the article titled, “Multi-national banks aiding corrupt African regimes,” click here.

Source: 
<br /> VOA News
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