ICIJ Reporting Builds Support to Pass Law Closing “Offshore Banks” in Cape Verde
International Consortium of Investigative Journalists (ICIJ) reported that on Feb. 21, the Parliament of Cape Verde unanimously passed legislation that will close all “offshore banks” that only provide services to foreign customers. This new legislation will affect four banks, including Banco Bic Cabo Verde, which is partly owned by Isabel dos Santos, the Angolan billionaire at the center of the Luanda Leaks investigation. That investigation, led by the ICIJ and involving the review of 700,000 documents, uncovered how dos Santos exploited insider deals and her relationship with her father, former Angolan president José Eduardo dos Santos, to accumulate a $2 billion fortune.
Olavo Correria, Cape Verde’s deputy prime minister, attributes the Luanda Leaks investigation to helping build support for passing this measure. Correria told ICIJ that the “Luanda Leaks made the measure more understandable, broadened the consensus in society and facilitated the approval process unanimously and without any social noise.”
To read more about Cape Verde’s steps to preventing offshore banking, click here. To learn more about the Luanda Leaks investigation, click here.