Curbing Financial Crime among Third World Elites

Describes how African, Asian and Latin American elites ‐ whether politicians, civil servants or businessmen ‐ oppress and exploit their peasant populations by extorting commissions on foreign loan contracts and depositing the money in overseas banks; it is estimated that $20 billion leaves Africa in this way each year. Lists, alphabetically by country, examples of corruption in Africa; there are shorter lists for Asia and Latin America. Goes on to questions of how do those in power steal this wealth, why do they steal so much and with such impunity, and where do they hide it. Discusses the consequences of corruption, how international banking institutions should continue to freeze and publicise these accounts, and recommends ways that the international community could attack the corruption problem. © 2005, Emerald Group Publishing Limited.