SHAH ALAM, 19 Dec: The Finance Minister should explain how dirty money of almost RM200 billion had flowed out of Malaysia in 2010 which puts the country in second place behind China, the Asian economic power, in global capital flows.
Secretary-General of the Malaysian Consultative Council of Islamic Organisations (MAPIM), Mohd Azmi Abdul Hamid said that if he is unable to clarify the issue in a transparent and honest manner, then the minister should resign.
“This is a huge bias to be waived without full accountability from the Minister of Finance.
“Internationally, money laundering is a serious crime which should not be underestimated,” said Azmi in his media statement.
He explained that the report from the watchdog body – Global Financial Integrity (GFI) in its latest report tracking capital flows states that the illegal flow of money from Malaysia in 2010 is the highest in 10 years.
The latest report found a dramatic surge in capital flows in Malaysia – from US$30.41 billion (RM93 billion) in 2009 to US$64.38 billion (RM196.8 billion) in 2010.
“According to GFI, for the outflow of illicit money accumulated over more than 10 years – from 2001 to 2010 – Malaysia is ranked third in the world, after China and Mexico.
“The total estimate for Malaysia in 10 years is US$285 billion (RM871.4 billion), while that of China was US$2.740 billion, and Mexico, US$476 billion,” he said.
Azmi firmly said that the country’s economy will suffer from a deficit of billions of ringgit if this issue is not resolved strictly.
It will not only result in the country’s loss of very high income from taxes but the integrity of the country’s financial management will be seen as being very weak and the country’s funds will be severely affected when the outflow of funds happen without control.
“Now we are faced with funds flowing out of Malaysia illegally which shows that surveillance is very weak and that it is very easy to skip out,” he said.
He said that the Finance Minister (Datuk Seri Najib Razak) should take full responsibility regarding this issue which symbolises very significant weaknesses and shortcomings that involves the future of the country’s economy.
“If the minister cannot solve this problem then he should resign and hand over (the position) to someone who is more competent and is qualified to manage the country’s finances,” he said.