The former Mozambican finance minister, dirty money and the curse of financial sector collusion are a blight on Africa.
While not reported on widely, it is noteworthy that the British government has turned down an appeal by the Labour Party's Lord Peter Hain for the UK to back the establishment of an international anti-corruption court.
Why this is vitally important is the shameful fact that the amount of illicit funds that have been siphoned out of Africa more than equals what the continent has received in development aid and loans.
In 2015, African countries received $162-billion, mainly in loans, aid and personal remittances. In the same year, $203-billion was funnelled out through multinationals repatriating profits and illegally moving money into tax havens.
In South Africa, at least $3.5-billion left the country during the nine years of State Capture, with the assistance of banks, consultants and chartered accountants.
This week, the FBI swooped in to extradite former Mozambican finance minister Manuel Chang, who was being held in South Africa and who almost collapsed Mozambique's economy and currency through deals with American financiers and the International Monetary Fund.
Chang hocked the impoverished and war-torn country to the tune of $2-billion in secret borrowing by state-owned entities.
In this instance, Mozambique's central bank governor, Ernesto Gove, approved illegal debt contracts.
The corruption...
