Chong Chieng Jen's Blog

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Massive illicit financial outflow from Malaysia Posted: 26 Jan 2011 06:06 PM PST The Government must immediately set up an independent Royal Commission of Inquiry to investigate into the massive illicit financial outflow from Malaysia as reported by the Global Financial Integrity, a Washington-based financial watchdog. Given the magnitude of the problem, a whopping RM889 billion from year 2000 – 2009, and potentiality of powerful politicians or their family members involved in such illicit outflow of fund, Bank Negara does not have the required power and independence to carry out a thorough investigation into the matter. Not only is the figure shocking, what is more worrying is the trend of increasing illicit outflow of fund from Malaysia, from an estimated outlfow of RM67 billion in year 2000 to an estimated outflow of RM208 billion in year 2008, bearing in mind, the total expenditure of the Federal Government of Malaysia in 2008 was only RM170 billion. The fund illicitly taken out of the country is larger than the total budget of the country's government in the same year! If the Government trully intends to get to the bottom of the matter, investigation must start with those politicians whose family members own valuable property overseas. An example of such politician would be the Chief Minister of Sarawak, Abdul Taib, whose family members were reported in the website as owning billions Ringgit worth of property in US, United Kingdom, Australia and Canada. Taib's family's ownership of such property overseas has been reported in the said website since last year. Until today, there is no explanation provided by Taib whether the reports in the website is true, if so, how the family members got the money to buy such valuable property. When the DAP State Assemblywoman, Violet Yong confronted Taib in the Sarawak State Assembly on this issue, the whole text of Violet's speech was deleted from the Hansard Report of the day. Such, unprecedented and improper act on the part of the Speaker of the Sarawak DUN in not recording the debate of a member in the House gives rise to even more suspicion on the matter. Are the reports in the website on the property of Taib's family oversea is true? If so, how Taib's family members get the money to buy such property? Were the money illicitly taken out from Malaysia? These are the million dollar questions that most Sarawakians want to know and expect the authority carrying out the investigation on the illicit financial outflow to investigate.

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