Malaysiakini

Dirty money - a case of see no evil?

YOURSAY 'Zeti, the illicit outflow of funds from RM90 billion in 2009 to RM196 billion in 2010 is too big a hole to cover.'

Anwar wants Bank Negara to explain illicit outflows

your sayOnyourtoes: I think sufficient warning must be given that the state will pursue wrongdoers relentlessly once the change in government has taken place.

We cannot allow massive plundering and pilferage to go on unpunished. It will set a very bad precedence for this country.

All leaders must eventually account for their actions. This is the only way this nation can find peace with itself.

Otherwise it is the same old moronic mentality when the present leaders protect the past and the future leaders protect the present. We must break this evil chain forever.

I want Pakatan Rakyat to propose new legislations, once taking power, to seek the return of all stolen monies no matter where they have hidden.

Anonymous #07521476: There is no country in the world where the PM choose to remain silent in the wake of such massive capital flight.

Our economy is small yet we the world no 2 in capital flight. There must be something seriously wrong.

Jesse: The laws are more than adequate to tackle the problem but because powerful figures are involved, the authorities keep both eyes shut.

It is an indictment of the state of affairs of the nation and yet, the finance minister and Bank Negara are all deafening in their silence. See no evil?

Mahashitla: Bank Negara governor Zeti Akhtar, the illicit outflow of funds from RM90 billion in 2009 to RM196 billion in 2010 is too big a hole to cover.

We hope you are not doing a Pak Lah's nap. You have built quite a good reputation for yourself internationally and we expect explanations. We do not want to see you as an individual who is in cahoots with those criminals.

Anonymous_3f4b: Bank Negara has failed to stem the illegal money laundering trail in spite of much fanfare and big talk a couple of years back.

The only conclusion which I can derive is that big time politicians and businessmen are involved with the connivance of officials in Bank Negara who chose to work with them for personal gain at the expense of national integrity, pride and honour.

The recent Genneva fiasco which happened right under the eyes of Bank Negara, which only act after a good number of ordinary Malaysians were fleeced, is a good example. By right, Genneva should not be given the right to operate its business scheme.

Bank Negara should instead tackle the problem of rising cost of living and high prices of housing and cars which affects the average low middle classes what with the weakening ringgit and household debt.

Fair Play: DSAI (Anwar Ibrahim), you were a former cabinet minister and a seasoned politician. You are not addressing the root cause of the problem and you had placed the Bank Negara governor between a rock and a hard place by your suggestion.

Besides, the deputy finance minister already said the report was a misrepresentation of the fact. What would you expect the Bank Negara governor to say?

Not Confused: Najib Razak is not only a failed finance minister, but also a lame duck prime minister. He has zero courage of his convictions but stays silent on some of the most important issues faced by the country.

His silence is indeed deafening and as a result, respect for him has sunk to an all-time low. The mainstream media may fawn over him but then they are beholden to the BN government in so many ways.

They prostitute themselves every day by suppressing or spinning stories.

Ren Ai: In the face of the revelations of the illicit capital outflow and dastardly deception leading to a high governmental level cover-up of the murder of Altantuya Shaariibuu, I take to task the New Straits Times, The Star, Utusan Malaysia and other mainstream Malaysian media for their obvious connivance and shameful cover-up of the truth by not reporting these revelations as any responsible media should.

Remember this week as that lowest point in Malaysian mainstream journalism. Shame on all of you.

ACR: Illicit fund flow figures are estimates computed based on two models - one by the World Bank and the other by the International Monetary Fund (read it on Wikipedia). It cannot pinpoint who the culprits are.

What it tells you is a country received X$ in inflows (FDI, borrowings from abroad) and notes the uses of those funds. The excess Y$ over the recorded uses of the funds is illicit capital.

Culprits can be even MNCs (multinational companies) which generate profits here and move them to low-tax jurisdictions by abusing transfer pricing provisions.

The more popular culprits are those earning monies from illegal activities (drug dealing, smuggling) and those with unaccounted earnings (corruption money).

Monies that go abroad do not return generally. Zeti is only one of six global central bankers who earned a 'A' rating from Global Finance Magazine for two years in a row.

Besides Bank Negara, which is actually the last stop (at the point funds leave the country) in a series of lapses on this issue, the Inland Revenue Board (IRB) and Malaysian Anti-Corruption Commission (MACC) should pull their socks up.

Ferdtan: Will Zeti receive another award? Perhaps this time it will be for the highest illicit outflow of funds under her watch.


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