As we celebrate Winter Solsistice 2013, there is also a need to
initiate concerted efforts to introduce positive energy and efforts
towards establishing integrity over corruption. Such efforts have become
more urgent following the shocking expose of RM 200 billion in dirty
money siphoned out of Malaysia in 2010 and the scandal of RM 871 billon
lost over the last 10 years
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Washington-based financial watchdog Global Financial Integrity (GFI)
2012, says the level of illicit flows from Malaysia in 2010 was the
highest in 10 years. RM 197 billion of dirty money was siphoned out of
Malaysia in 2010 compared to RM 93 billion in 2009, an increase of 112
%. Malaysia has the shameful record of being the No.2 country in the
world after China, of illicit outflow of dirty money.
The GFI report, ‘Illicit Financial Flows From Developing Countries: 2001-2010', is co-authored by GFI economists Sarah Freitas and Dev Kar, who is a former senior economist at the International Monetary Fund. GFI has warned that capital flight in Malaysia is "at a scale seen in few Asian countries".
CONSERVATIVE estimates
GFI described its estimates of global dirty money as "extremely conservative". Whilst Malaysia was ranked No. 2 globally in 2010, Malaysia is ranked No. 3 globally over 10 years from 2001-2010. The total 10-year estimate for Malaysia is US$285 billion (RM871.4 billion), while China is US$2,740 billion, and Mexico, US$476 billion.
Washington-based financial watchdog Global Financial Integrity (GFI)
2012, says the level of illicit flows from Malaysia in 2010 was the
highest in 10 years. RM 197 billion of dirty money was siphoned out of
Malaysia in 2010 compared to RM 93 billion in 2009, an increase of 112
%. Malaysia has the shameful record of being the No.2 country in the
world after China, of illicit outflow of dirty money.The GFI report, ‘Illicit Financial Flows From Developing Countries: 2001-2010', is co-authored by GFI economists Sarah Freitas and Dev Kar, who is a former senior economist at the International Monetary Fund. GFI has warned that capital flight in Malaysia is "at a scale seen in few Asian countries".
CONSERVATIVE estimates
GFI described its estimates of global dirty money as "extremely conservative". Whilst Malaysia was ranked No. 2 globally in 2010, Malaysia is ranked No. 3 globally over 10 years from 2001-2010. The total 10-year estimate for Malaysia is US$285 billion (RM871.4 billion), while China is US$2,740 billion, and Mexico, US$476 billion.