Malaysia has once again ranked fifth in the highest illicit outflow in an annual report of Global Financial Integrity behind China, Russia, Mexico and India. On a per capita basis, Malaysia is still ranked world number one of illicit capital outflow. This came as no surprise to Malaysians as Putrajaya has year after year came out with different and incredible excuses to play down the report and refuse to acknowledge, address and stop the bleed.
According to GFI report, Malaysia lost an accumulated amount of RM1.8 Trillion (USD 418.54 Billion) from 2004 – 2013. This astronomical amount dwarf the RM2.6 Billion “donation” received by Prime Minister Najib Razak.
The RM1.8 Trillion capital outflow is 692 times of “donation” received by Najib, 6.74 times of Malaysia total expenditure under budget 2016(RM267 Billion) and 2.43 times of Malayisa’s total National debt(RM740.7 Billion).
This astronomical amount lost over a decade is proof that corruption, abuse of power and crime is rampant in Malaysia.
There is an urgent need for Putrajaya to implement the recommendation by GFI to combat money laundering by enforcing strict anti money laundering laws. I call on Putrajaya to create a central public registry of corporate beneficial ownership information.
By creating a register of beneficial owner, the true owner of anonymous shell company will be made public and financial institutions will know the true beneficial owner of accounts making the tracking of funds and combatting money laundering easier.
The RM1.8 Trillion lost through illicit outflow from 2004-2013 is flabbergasted and mind-boggling. This is a “lost decade” for Malaysia. If BN again try to rubbish and ignore the GFI report, Malaysians will have no choice but to boot BN out of Putrajaya in the next election and look forward to a new government to stop the bleed.