Wednesday, February 1, 2012

Curbing illegal outflow of funds from Malaysia

The Star in an article today reported that US-based watchdog group Global Financial Integrity in its annual report said Malaysia lost RM150bil in illegal outflow of cash in 2009.

The article goes on to say that It was the fourth highest among developing nations, the report said, adding that Malaysia lost US$338bil (RM1.08tril) between 2000 and 2010.

These figures are mind-boggling considering that Malaysia is a small country and a Third World country at that.

High-tech scanners will be installed at all entry and exit points in the country to curb the illegal outflow of money. These scanners are capable of detecting banknotes in luggage.

Last December, Prime Minister Datuk Seri Najib Tun Razak announced the setting up of a special task force comprising the Malaysian Anti-Corruption Commission, the Attorney General's Chambers, the Inland Revenue Board, Bank Negara and the Customs Department to check the illegal flight of funds.

Sigh.. I reserve my comment..

Source: The Star..Scan for cash

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