Friday, February 4, 2011

BLACK MONEY - NAME AND SHAME THE PERPETRATORS

Source: Star 31 Jan, 2011

Going through some back copies of  The Star, I came across the above headlines. My initial reaction was one of delighted amazement. Finally the local mainstream media (MSM) is drawing attention to what only the online alternative media has dared to print - illegal movement of funds out of the country. On reading further, my initial elation was replaced by utter disappointment.  The report was about India, not Malaysia.

Considering the figures were taken from the same Global Financial Integrity Report 2000-2009 published on January 18, 2011, it is pertinent to question why India, which occupies 15th spot in the Top 20 list of countries with illicit outflow of funds, should be mentioned in the MSM, whilst Malaysia in 5th spot with USD291 billion of black money stashed overseas during the same period escapes mention. We are talking about almost RM888 BILLION being taken out of the country illegally.

Top 20 Countries’ Cumulative Illicit Outflows from 2000 to 2008 (in billion U.S. dollars). Source: Global Financial Integrity Report

A Malaysiakini article quoted figures from the GFI Report of RM67.7 billion illicit outflow of funds in 2000. Eight years later, this has tripled to a massive RM208 billion. What are the sources of these funds? Who are these people or companies illegally transferring funds out of the country? Where have they stashed the money?

Similar reports have appeared in The Malaysian Insider, Malaysia Today and Free Malaysia Today and other alternative news media websites. But the MSM has yet to highlight this staggering financial loss to the people of Malaysia.

The Top 10 - Malaysia is ranked #5. Nothing to be proud of, everything to be ashamed of.  (Source: GFI report)



DAP and PKR have called on Barisan National for a full explanation. In response, International Trade and Industry Deputy Minister Datuk Mukriz Mahathir said at a recent press conference that the government did not see the need to look into claims that the RM888 billion channeled to secret banks abroad was due to corruption and mismanagement under his father's premiership.



It's just a matter of time before the truth will out. Already a former Swiss bank employee has handed over to Julian Assange of Wikileaks details of 2000 high net-worth accounts. I am sure Malaysians would be curious to know if any of their fellow countrymen are on the list.

2 comments:

Antares said...

Love it when you wax political, dear. Coming from you these reports carry so much more clout!

semuanya OK kot said...

Details of account holders in a Lithuanian bank were available in 2009 because USA was hunting tax evaders. Recently, Wikileaks claimed to have acquired large list of names of account holders in citaldel of iniquity - Swiss banks. In India, a lawyer has taken a case all the way to the Supreme Court and finally forced the very reluctant government to seek such names officially.