US must act now on corruption allegations centred on Equatorial Guinea's oil accounts
Article from: OGEL 3 (2004), in Good Governance
Introduction
p>On 15 July, the US Senate Permanent Subcommittee on Investigations released a report that paints a damning portrait of financial impropriety and sleaze centred on Equatorial Guinea's oil accounts at Riggs Bank in Washington, DC.
Global Witness has long expressed concern that the total lack of transparency surrounding management of the country's oil revenues may hide wholesale misappropriation of petrodollars by its ruling elite. The Subcommittee report compounds these suspicions.