development finance siphoned from Africa, whether through the extractive industries, or land grabs, are unlikely to be revealed as the IMF scrapped mandatory information exchange. Global watchdogs, such as the Financial Action Task Force (FATF) remained beholden to high-income nations as a ‘subsidiary’ unit in the Organisation of Economic Co-operation and Development (OECD). Meanwhile, the International Accounting Standard Board (IASB), founded and finance by the ‘big four’ accounting firms – maintaining units in secrecy jurisdictions such as the Cayman Islands – prefers multinationals to self-regulate trade via arms length transfer. What this effectively does is enable multinationals, conducting 60 per cent of global trade within rather than between corporations, to determine the future of entire continents such as Africa, where primary commodities – extracted by corporations, account for 80 per cent of exports.
Arabica Robusta on 27 Nov 09Corporate transparency reduced when IMF scrapped mandatory information exchange.
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