Malaysians keeping millions in offshore accounts

Swiss leaks prompt call for asset declaration.

KUALA LUMPUR: A student movement today demanded that the government make it mandatory for top officials to publicly declare their assets in the wake of news about Malaysian public figures keeping millions of ringgit in offshore accounts.

Anak Muda Harapan Malaysia (AMHM) said in a press statement that wealth declaration by members of the Cabinet, MPs, officials of all political parties and senior civil servants was crucial in the effort to plug the illicit outflow of funds, a phenomenon that Malaysia is notorious for.

In a recent report citing leaked HSBC documents, the Consortium of Investigative Journalists (ICIJ) said Malaysian public figures were keeping millions in offshore accounts.

The so-called Swiss Leaks give details of 77 client accounts that Malaysians had opened in HSBC’s Swiss banks between 1982 and 2006. They are said to be worth about US$174 million.

“We call upon the Prime Minister and Bank Negara Malaysia to show concern and announce actions to be taken to counter these illicit financial outflows,” AMHM said.

It said the leaks underscored how severe the problem of corruption was and how urgent it was for the government to punish the culprits.

It called on the government to make public the results of its actions against the culprits, to prohibit them from buying assets for five years and to suspend their passports.

It also demanded the extensive use and intensive enforcement of the Anti-Money Laundering Act.