Scary story in Malaysian Insider of today:
http://www.themalaysianinsider.com/malaysia/article/malaysia-rises-in-illegal-money-chart-rm150b-lost-in-2009/
- Malaysia lost RM150 billion in illicit outflows in 2009, the fourth highest in the developing world
- Malaysia has lost a total of RM1.08 trillion (RM 1,080,000,000,000 or about RM 40,000 for every Malaysian) in illicit financial outflows over the first decade of the century
- The volume of illegal capital flight from Malaysia has come to dwarf legitimate capital inflows into the country in recent years
The numbers mentioned are simply unbelievable large. I hope Bank Negara can soon come with some answers:
- Are the above numbers (roughly) correct?
- Where does all this money come from, who are the perpetrators?
- What is being done to rectify this situation?
- What is the effect on the Malaysian economy?
The original report can be found here:
http://iff-update.gfintegrity.org/
"Financial flows from Malaysia have more than tripled from $22.2 billion in 2000 to $68.2 billion in 2008. This growth rate, seen in few Asian countries, may be a result of significant governance issues affecting both public and private sectors."
I think this should be near to the actual number. We all knows how corrupted our BN are. Besides that Malaysia is a heaven for underground business like smuggled cigarette, pirated dvds, underground gambling.
ReplyDeleteCigarettes, dvd's, gambling, may be, but I would think in billions not in trillions.
ReplyDeleteIf you look at the last link, lots of oil & gas exporters.
Fun stuff M. Thanks to K for sending me your blog URL. I just started equity trading 60+ days ago, and have lots to learn.
ReplyDeleteHuh! That means they steal our beloved Petronas's goods? What the hell? BN how dare you do it! Come on Petronas already give you so much!
ReplyDeleteHi jerng, success with your trading. Dali from MalaysianFinance was one time looking for somebody like you, was quite some time ago but may be still interested?
ReplyDeleteImenwe, I really hope there will be a truly independent commission of credible people who will investigate this.