March 25, 2020
With the Coronavirus outbreak, a global stock market meltdown, and a looming recession, the year 2019 obviously seems to had started off better. Every year has its own set of challenges thrown at the populace, and 2019 has had its share as well. Even though numerous events and aspects warranted the recognition of 2019 as a prominent year in the financial realm, it will forever be known as the year when some of the major banking scandals of the age emerged out of the woodwork. In this article, we cover a few of 2019’s banking scandals that left a mark on the collective consciousness of modern society.
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The first scandal takes us to an oil-rich nation: Angola. The country is often listed as one of the countries that are rife with infrastructural, political, and legal loopholes that allow for money laundering to thrive. The country was also ranked 165th on a list of 180 nations from least to most prone to corrupt practices by Transparency International. However, the singular aspect that makes this scandal more controversial and high-profile compared to others is its association with Isabel dos Santos, the former Angolan president’s daughter, and who is widely known as the richest woman in the African continent. Known as the “ ...