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Sunday, December 30, 2012

Illicit money: Time for Najib to announce ETP's FAILURE


Illicit money: Time for Najib to announce ETP's FAILURE
The recent survey on countries with illicit funds outflow which placed Malaysia at the third position globally should prompt prime minister Najib Razak to admit failure of the Economic Transformation Programme.
DAP secretary general Lim Guan Eng said as Finance minister, Najib must fully account for RM 200 billion in dirty money siphoned out of Malaysia in 2010 and the total RM 871 billon over the last 10 years.
"Najib’s stubborn silence and failure to act over this RM 871 billion scandal demonstrates not only his failure to uphold pubic accountability but that the BN government condones the practice of outflow of illict or dirty money," said the Penang chief minister.
In a report released yesterday, the US-based Global Financial Intergrity said among Asian economies, Malaysia ranked second only to China in terms illicit funds outflow, and third in the world.
According to the report, some 80 percent of illicit financial flows were due to trade mispricing, while about 20 per cent was due to corruption.
Lim noted the report's observation that RM197 billion of 'dirty money' was siphoned out of Malaysia in 2010 compared to RM93 billion in 2009, an increase of 112 %.
He said the government had yet to fulfil its promise last year to conduct a probe or to announce the result of any such probe "despite offers of help from top GFI economists".
"Is this another case of BN’s 'Janji Tak Ditepati' of unfulfilled promnises?" Lim asked.
Lim reminded that the GFI report came on the heels of 2012 Transparency International report which put Malaysia at the top of nations which lost business due to bribery.
-Harakahdaily

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