From: Yona Maro
Strengthening transparency and accountability within EU borders is not just about increasing revenue for European treasuries. It has a significant impact on the populations of non-EU countries as well as the credibility and effectiveness of the EU’s own foreign policies. It is not only Europe’s elites who exploit the loopholes and poor enforcement of EU banking regulation. Europe’s banks also serve as a haven for public funds stolen by the political and business leaders of some of the world’s poorest countries. This undermines the EU’s aid and development policies, and conflicts with the principles of good governance that the EU attempts to promote abroad.
In 2000 the Swiss authorities opened an investigation into the debt deal but this was later abandoned. Angolan civil society organizations have recently reopened a criminal case with the Swiss federal prosecutor against Falcone and Gaydamak, Angolan politicians, as well as senior employees from UBS responsible for the Abalone account. The claim includes allegations of bribery, breach of trust, criminal conspiracy and money laundering.
The diversion of public funds is not to be taken lightly in any context, and much less in a country such as Angola. First, funds systematically diverted from the national treasury diminish public spending on education, health, sanitation, electricity, and housing that could (in this case) have benefited both the Angolan and Russian populations. Second, the scandal is fuelling a vicious circle that prevents democratic progress by maintaining a system of corruption among high ranking government officials who have been in power for decades. The list of names included in the allegations is striking. Not only is President Dos Santos himself involved, but so, allegedly, are Elisio De Figueiredo, former ambassador to France, Joaquim David, Minister of Industry and former Director General of Sonangol, José Paiva da Costa Castro, former Director General of Sonangol UK, and José Leitão da Costa, Minister in the Office of the Angolan Presidency.
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