Standard Chartered is a UK FTSE-100 listed bank with an extensive presence across Africa, Asia and the Middle East. The bank offers a wide-range of banking services in 15 African countries. It has operated on the continent for 150 years and is a well- recognised brand both in African business circles and among consumers.
The bank plays an important role in providing financial services for growing economies on the continent. In its report “Impact on Africa” it states it supports 1.9 million jobs in Sub-Saharan Africa and in 2013 supported trade worth USD7.2 billion.
Evidence seen by ActionAid International shows the bank published an article by a Mauritius-based financial firm describing a tax avoidance strategy in its publication Standard Chartered Insights 2013/2014: Maximising Business Opportunities in Asia, Africa and the Middle East – a Treasury Guide. The strategy can be used to legally avoid tax in some of the poorest countries in the world and was contained within an article authored by Cim Tax Services managing director Gary Gowrea.