Saturday, 10 August 2013

A quote from Stephen Ellis

"The fact that the corruption of African governments became fully internationalised at the same time as Africa was decolonising was more than a coincidence, as the two processes were intimately related. The biggest empire the world has ever seen, belonging to the United Kingdom of Great Britain and Northern Ireland, even as it was disappearing from the political map was able to perpetuate its existence in the financial world, notably by establishing the City of London as an offshore banking centre and inventing the Eurodollar market. City bankers and lawyers discovered the legal possibilities offered by Crown dependencies with archaic jurisdictions, such as the Channel Islands and the Isle of Man, and by colonies such as the Cayman Islands and Hong Kong. US business interests were already making similar use of the Republic of Liberia, whose sovereign status could be used to avoid various laws and regulations notably through the flag of convenience system for shipping, but also in the field of finance. "

Stephen Ellis, Season of Rains, Africa in the World, p. 52

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