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Regional & intl. journalists expose shell companies that help corrupt officials launder money, evade taxes throughout West Africa
- #WestAfricaLeaks collaboration among journalists from 11 countries analysed 27.5 million documents from Panama, Paradise Papers & others sources
- Documents reveal apparent corruption, conflicts of interests & tax avoidance or evasion by powerful individuals & companies in the region, facilitated by ease of establishing anonymous companies overseas
- AfDB estimates Africa loses $50 billion annually to illicit financial flows like these; funds could be used for social & economic investments
- Beneficial ownership disclosure, recently mandated by the UK Government in its overseas territories, is expected to help address this phenomenon