Minister in the Prime Minister's Department Abdul Wahid Omar has dismissed a damning  report by the Washington-based Global Financial Integrity (GFI).

"The report repeats the same thing," he told reporters today.

"Yes, it is not true," he responded when queried if the figures cited in the report were inaccurate.

Abdul Wahid, who in charge of economic planning, said that GIF always churns out the same data.

"We already explained last year, I think we don't need to explain again. These people, they keep coming out with the same things again and again," he added.

Stating that he "absolutely disagrees with the report", the minister explained that Malaysia is a major trading nation which has a lot of multinationals.

Therefore, he said that transfer pricing and all these issues make up a big chunk of what was reported by GFI.

"The figures by GFI do not explain. It is all about the trade number in terms of transfer pricing," he added.

In its report released yesterday, GFI stated that the illicit outflow of money suffered by Malaysia in one year alone is enough to build the over-budgeted RM4 billion Kuala Lumpur International Airport 2 (KLIA2) 42 times over.

 

GFI said that Malaysia lost a total of RM171.11 billion (US$48.93 billion) in 2012 - the latest statistics revealed by the watchdog in almost a decade of tracking illegal capital flight.

 

The report added that Malaysia had lost an accumulated amount of RM1.38 trillion (US$394.87 billion) since 2003.