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Capital flight: Ball in Bank Negara's court

Published:  |  Modified:

vox populi small thumbnail 'This illicit money outflow of RM889 billion between 2000 and 2008 is really only the tip of the iceberg. Frightening, isn't it?'

Malaysia is world's No 5 in illicit outflows

Hibiscus: How is it that GFI (Global Financial Integrity), even though foreign based, is able to determine that US$291 billion (RM889 billion) of illicit capital has flowed out of Malaysia, and able even to detail the outflow year by year over a period of nine years, but Bank Negara Malaysia (BNM) does not?

We are talking about a massive mind-blowing amount of money that obviously impacts the economic well-being of Malaysia. Surely BNM must be interested enough. Or is it? Is BNM not aware of GFI's existence? If yes, why isn't BNM acting on the information from GFI or getting assistance from GFI to check the outflow?

Or is it that BNM merely closes one eye, especially if these illicit outflows are the work of political leaders in power or those in position to pay big bribes to keep mouths shut. The BNM governor should explain to maintain the central bank's integrity.

Multi Racial: Whenever there is a report which touch on efficiency, fairness, openness, good governance, etc, we are usually at the bottom of the rankings. However, when it comes to reports on corruption, illicit money outflow, discrimination, etc, we somehow are consistently on top.

That is not the only problem. The bigger problem is the government for more than a half a century still think they did a wonderful job and want to continue doing the same. The saddest thing is that, there are still many who believe in them.

FairMind: If you read carefully, the report only measures the illicit outflow of money which can be measured or ascertained by the banking system like trade pricing, remittances, etc.

If one carries out the money secretly to another country (like what the ex-MB of Selangor did to Australia) or sent it out secretly through the illegal money changers, there is no way that GFI could have known of it.

So this illicit money outflow of RM889 billion between 2000 and 2008 is really only the tip of the iceberg. Frightening, isn't it?

Sentinel: In 2009, an MB reportedly sent RM10 million to London using a money changer and the wife of a top leader allegedly sent US$600,000 to Dubai , also through a money changer. So much for transparency and the law.

ONG: The GFI report said that it was difficult to point out the reasons behind this massive outflow of illicit capital without carrying out an in-depth study.

I don't understand why the experts don't know that the massive outflow of illicit capital is due to even more massive amounts of illicit income. When I send money out of the country, I do it legally through our banking system. No need to do so through money changers because all my money are earned legally.

Anonymous_3e86: An ex-Swiss banker Rudolf Elmer has handed over two CDs, which contains account details of 2,000 prominent people from the US, Asia and Europe to Wikileaks founder Julian Assange. The Swiss whistleblower's data is likely contain the details of massive tax evasion by the world's richest men.

This is just one Swiss bank (Julius Baer) among the very many. I'm sure some familiar Malaysian names are in that CD. If only we could get hold of a copy...

Alan Goh: Half of the illicit outflows are from local businessmen who have lost faith in Malaysian system of government and the other half are from the ill-gotten gain of Umno/BN politicians.

The latest World Investment Report shows Malaysia as the least favoured country, dead last of 15 countries sought by foreign investors. With the daily ranting of ‘Ketuanan Melayu' by Perkasa and Utusan Malaysia , a senile ex-PM still playing his racial card, a bastardised NEP, low productivity and high corruption, it is not surprising that Malaysia is world No 5 in illicit outflows and Idris Jala might be right - Malaysia will be bankrupt by 2019..

Wira: Malaysia is finally, thanks to Umno, making it to global top 5 in something.

Soi Lek zooms in on PAS to woo Chinese votes

Cala: Dr Chua Soi Lek's logic is flawed. Ask any Chinese voter; what matters to him is the quality of governance. In this regard, thanks to Nik Aziz Nik Mat given his impeccable credential in running Kelantan. Thanks also to Khalid Ibrahim who is more inclusive in looking after other ethnic groups' interests (look at the exco composition in Selangor).

The popularity of both Nik Aziz and Khalid is a reflection of Chinese accepting opposition rule. They win over Umno-led BN coalition hands down, as the latter is known to be infested by self- interested politicians out to poach our national resources.

Why are Chinese in Kelantan happy with PAS under Nik Aziz if Chua's hypothesis holds water? Granted that Chinese are showing reservation towards ‘hudud' law, but they have confidence that rationality shall prevail for PAS to re-consider the issue. Through time the issue will be solved.

As of now, corruption is enemy number one - something that Chua finds no panacea.

Atan-Toyol: Chua, if you are against Islamic values, you are telling Malaysians (not just Malays), that you can live with corruption, cronyism, lavish spending by the BN government, police brutality, a subservient judiciary, death in police custody, stealing of the national wealth, stealing oil royalty from the Kelantanese by your BN prime ministers, etc, and you are against 'enjoining good and forbidding evil' which Islam propagates to all mankind.

You are for free sex, which you were caught once with your pants down (I hope I am not perceived as being 'personal' here). Malaysians are fed up already with the evils perpetrated by BN (including MCA) in our society, and it is about time the coalition is kicked out and replaced with a new coalition.

Albert_37fb: Chua Soi Lek should not spread unfounded fear among the Chinese. Is he doing on purpose knowing fully well that PAS alone cannot achieve two-thirds majority in Parliament to amend the federal constitution and declare Malaysia an Islamic state? Or is he trying his level best to make himself and MCA relevant to Umno?

Chua, together with MIC, should instead be focusing all their energy to address the systematic discrimination and marginalisation of the non-Muslim minorities due to the blatant abuse of Article 153 for the past 40 years.

Hamisu: Soi Lek just spilled the beans. He admitted MCA won't do what's best for BN. Umno calls the shots. On top of that, Chua fails to mention how the constitution can be amended to turn Malaysia into an Islamic state. Furthermore, he has just stated the government tolerates widespread corruption and it's acceptable.

Finally, this MCA man certainly shows that 1Malaysia is nothing but a ‘sandiwara'. He's not even practicing what 1Malaysia espouses.

 


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