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| Illicit outflow: Distorted figure? Posted: 15 Dec 2013 08:11 PM PST Washington-based Global Financial Integrity (GFI) has threatened to revise Malaysia's total illicit outflow if the Singapore authorities release re-export data from Malaysia to them. This follows the claim by Minister in PM's Dept Paul Low that the report was overstated and it was not adjusted to factor in Malaysia's re-exports to Singapore. In a report released yesterday, GFI alleged RM174 billion was illegally siphoned out of Malaysia in 2011, making it the fourth exporter of of illicit capital behind Russia, China and India.  Disputing the GFI figures, Bank Negara Malaysia (BNM) said the estimates of illicit outflow was overstated as the estimates in the report of trade mispricing had not been taken into consideration.BNM also stressed out that the GFI estimates were essentially unrecorded financial flows, which were not necessarily synonymous with illicit financial outflows. The government has stressed that it "does not deny" that crime, corruption and tax evasion led to the outflow of RM173.84 billion from the country in 2011. The research and advocacy organisation said crime, corruption, and tax evasion drained US$946.7 billion (RM3.05 trillion) from the developing world in 2011, up more than 13.7 per cent from 2010 – when illicit financial outflows totalled US$832.4 billion. Financial flows fro Malaysia have more than tripled from $22.2 billion in 2000 to $68.2 billion in 2008. This growth rate, seen in few Asian countries, may be a result of significant governance issues affecting both public and private sectors. The term, illicit financial flows, pertains to the cross-border movement of money that is illegally earned, transferred, or utilised. Illicit financial flows generally involve the transfer of money earned through illegal activities such as corruption, transactions involving contraband goods, criminal activities, and efforts to shelter wealth from a country's tax authorities. Increasing transparency in the global financial system is critical to reducing the outflow of illicit money from developing countries. Asia accounted for 44.4 per cent of total illiccit flow flows from the developing world followed by Middle East and North Africa (17.9 percent), developing Europe (17.8 percent), Western Hemisphere (15.4 percent), and Africa (4.5 percent). Top 10 countries with the highest total measured cumulative illicit financial outflows between 2000 and 2009 were:
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| Posted: 15 Dec 2013 04:40 PM PST Obama screwed! The person whom his office hired as a sign language interpreter was an asshole after all.  Thamsanqa Jantjie's erratic performance provoked international ridicule, but all he really did was turn the failed president's words into a disappointing jumble of incomprehensible nonsense. As is now apparent, Obama is quite capable of achieving this by himself! Worst still, it happened during Nelson Mandela's memorial service. He was lucky, however. Nobody pelted him with rotten eggs. Had it happened in Malaysia, this guy will for sure 'masak!' Read Brothers in Fraud...  |
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