Malaysia ranked 3 out of 143 countries (or the world) on being the country with the highest cumulative illicit financial outflow between 2001 to 2010 beating Indonesia, Myanmar and even Zimbabwe! according to the latest report by Global Financial Integrity 2012 Report.
So what does illicit financial outflow means? Illicit financial outflows means :- Funds that are illegaly earned, transferred, or utilized and cover all unrecorded private financial outflow that drive the accumulation of foreign assets by residents in contravention of applicable laws and regulatory frameworks.
"The capital outflows stem from crime, corruption, tax evasion, and other illicit activity."
What a shame to all Malaysians!
Source from Global Financial Integrity
Top 10 countries with the highest measured cumulative illicit financial outflows between 2001 and 2010 were:
1.China: US$2.74 trillion
2.Mexico: US$476 billion
3.Malaysia: US$285 billon
4.Saudi Arabia: US$210 billion
5.Russia: US$152 billion
6.Philippines: US$138 billion
7.Nigeria: US$129 billion
8.India: US$123 billion
9.Indonesia: US$109 billion
10.United Arab Emirates: US$107 billion
So citizens of Malaysia what should you do? Continue to live in ignorance and hope that the country will not be doomed economically soon? or shoud you exercise your constituitional right and democratic obligation to protect the nation's wealth by electing a government and authority that is more serious in control and prevention of illicit financial outflows? Or just sit back and continue to be fed with sugar-coated news about Malaysia's economy? Or continue to be blinded by rhetorics and slogans? Who should we blame? or should we just accept that change cannot happen in Malaysia?
Salam "Berubah" and Salam Selamatkan Malaysia!
Joshua
Where did all the money go to? Our politicians said that there is no perfect government, but it seems that there are at least 140 governments (excluding those countries below the rank of 143) perform better than our government in terms of controlling illicit financial outflow.
We as citizens of this great country demands accountability from our leaders as apologies and slogans are not acceptable.
Achieving a "Developed Nation" status or "High Income Nation" status in 2020 certainly cannot be a reality if the country's coffers and money continue to leak out of the country.
We cannot no longer be blinded by rhetoric slogans of "Promises Fulfilled" , "People's First" ...
How much is US$ 285 Billion? That is about RM 870,000,000,000 (RM 870 Billion)!
- It means each Malaysian out of 28 million population can get a one-off RM 31,071 of "Bantuan Rakyat 1 Malaysia" or 1 Malaysia People's Aid!
- OR each Malaysian out of 28 million population can get an annual RM 3,107 for the next 10 years!
- OR enough money to build 178 Petronas Twin Towers! (Cost of Petronas Twin Towers- US$ 1.6 Billion)
Money enough to build 178 Petronas Twin Towers leak out of country illegally from the year 2001 to 2010!
So citizens of Malaysia what should you do? Continue to live in ignorance and hope that the country will not be doomed economically soon? or shoud you exercise your constituitional right and democratic obligation to protect the nation's wealth by electing a government and authority that is more serious in control and prevention of illicit financial outflows? Or just sit back and continue to be fed with sugar-coated news about Malaysia's economy? Or continue to be blinded by rhetorics and slogans? Who should we blame? or should we just accept that change cannot happen in Malaysia?
Salam "Berubah" and Salam Selamatkan Malaysia!
Joshua
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