Kuala Lumpur: Yoursay 'Malaysia, with 28 million people, is far ahead of anyone else in illicit money outflow. No other country comes near.'
M'sia is world's No 2 in illegal capital flight
Absalom: A point to note is that dirty money does not start out being so. It is good money generated through the toil and sweat of society.
But some people want to get their hands on it without doing any real legitimate work or by illegal means and they cannot account for that money (it is more than they ought to have) and they have to smuggle it out.
Some carry bags of it out, others through more sophisticated ways. Some of our political masters, and their families who have expensive properties and fat bank accounts overseas, should be able to explain these sophisticated ways and elaborate on this topic much better.
Swipenter: Who is taking the money out of the country? Which are the most popular destinations?
BNM (Bank Negara Malaysia) is just burying its head in the sand with its governor happy to receive this award and that award for being an outstanding central banker.
How ironic. RM200 billion leaving the country illicitly in 2010 alone is probably at least more than 10 times our domestic and foreign direct investments.
This is a manifestation of the crisis of confidence plaguing the country. Talent and money are leaving in droves and if this is not reversed soon, we will be bled dry of human and financial capital in the next decade.
Clearwater: Malaysia is only No 2 in illegal capital flight behind economic powerhouse China?
But on a per capita basis, Malaysia with a population of 28 million is far ahead of anyone else in illicit money outflow. No other country comes near.
Kenneth_2585: Of course, PM Najib Abdul Razak and company will accuse Washington-based financial watchdog Global Financial Integrity (GFI) of having a political agenda behind its report and perhaps will suspect that PKR has a major stake in GFI.
Enough said. If all this money was put into our country's development, I am pretty sure we will be one of the richest countries on earth.
Wake up all Malaysians, vote wisely in this coming election or you only have yourself to blame.
Anonymous_3e86: As GE13 approaches, more money will flow out. BN politicians are preparing to transfer all their ill-gotten cash out of Malaysia in case BN loses the general election.
So when the 2012 report comes out, we will be No 1 for illegal capital flight, believe me.
Mirror On The Wall: For a small nation like Malaysia, being No 2 in the world is no mean achievement. Kudos must be given to those responsible for this astounding feat.
Give the devils their due. We should not let them have a second chance, lest they outdo China and become No 1 next year.
CAT Lover: The practice of shifting profits overseas by over- or under-invoicing intra-company transactions has everything to do with the tricks of trade in Malaysian foreign direct investments, especially in palm oil.
Felda, Sime Darby, IOI Corporation, KLK and other plantation companies operate numerous refineries abroad. These outfits receive palm oil at low prices from their own subsidiary producers in Malaysia.
The money that these foreign companies make on transfer pricing is huge but the CEOs of these companies can call upon Najib to lower palm oil export taxes so that they get a double whammy.
Now, that should be quite acceptable for BN, provided that these companies share their super profits with BN in order to contribute to the GE13 election coffers. It's a great set up.
The money is legitimately made inside and outside Malaysia. The companies transfer back election funds to BN in batches that won't be noticed by financial watchdogs and the opposition will be left wondering what happened.
20121221Disaster: Is this indicating that our Bank Negara is very weak in its administration?
Bank Negara is protecting the culprits by going after the whistleblowers like PKR strategic director Rafizi Ramli in the National Feedlot Corporation ‘Cowgate' case.
Is this because Bank Negara is actually encouraging money laundering?
Anonymous #43051382: Najib kicks the ball to Bank Negara, Bank Negara kicks the ball to Deputy Finance Minister Donald Lim, who kicks the ball to outer space. NFA - no further action.
Booh: Is the governor of Bank Negara incompetent to stop this or expose these outflows of money which is driving the country to bankruptcy?
The people can do nothing to replace the people responsible simply because Bank Negara has now become another tool for Umno to use as they wish.
Clever Voter: It is obvious - so long as there are crooked politicians, a tainted judiciary, an obvious controlled media and businessmen willing to prostitute themselves, we will be world's leader for the wrong reasons.
Fair Play: I suppose one can hear the drop of a pin due to the deafening silence from the powers-that-be in response to this expose.
Isana: There will be elegant silence again from Najib. Probably Perkasa president Ibrahim Ali will be protesting that Malaysia is not No 1.
Former premier Dr Mahathir Mohamad will say that this is a Jewish conspiracy. MCA president Chua Soi Lek will claim that this is a Pakatan ploy to implement hudud.
OMG!!: Whether it was US$285 billion or US$135 billion is not the issue, corruption is. Twenty percent of US$135 billion is US$27 billion or RM70 billion.
This could build all the roads and power generation plants without tolls and IPPs (independent power producers). This is double taxation on the people.
Another issue is; what has the government done about it? BNM reports to the Finance Ministry. If BNM is not doing its job, it means the premier cum finance minister has failed to carry out his ministerial responsibility.
Jedi_Who: Under the BN government, Malaysia is famous for the wrong reasons. The standard of our education, judiciary, MACC (Malaysian Anti-Corruption Commission), police and even football have dropped to among the worst in the world.
It looks like we did the right things wrong and the wrong things right. What a shame.
Telestai!: Amidst the GTP (Government Transformation Programme) smokescreen created by Pemandu, this is hard evidence of thieving by the politicians.
The government and Bank Negara need to explain why Malaysia is ranked no 2 behind China in terms of illicit money outflow. Failure to do so would mean they are complicit to the act of plundering the nation's coffers.
Taikohtai: And don't forget that Malaysia is also tops in brain drain. Capital can be recouped but brains, once out, usually stay out.--Courtesy of Malaysiakini