DAP slammed BN’s dismissal of illicit capital outflow, where Malaysia was recorded with a staggering RM 1.38 trillion since 2003 in the GFI (Global Financial Integrity) report.

DAP Perak Economic Development Bureau Chief Chong Zhemin said that Minister in the Prime Minister’s Department of Economic Planning Abdul Wahid Omar was just making excuses in brushing aside the GFI report.

According to Malaysiakini, when asked if he thought GFI’s analysis was inaccurate, Abdul Wahid Omar said “the analysis is not true”. He also explained that Malaysia is a major trading nation which has a lot of multinationals.

He also said that it was the “same thing” reported yearly by the organization.

“Abdul Wahid Omar could not be more wrong; in fact he is the one who is churning out the “same excuses” to dismiss and rubbish the GFI report,” said Chong Zhemin in a statement today.

The GFI report mentions that among the list of world largest countries by exports in 2013, Malaysia is ranked at 21 behind countries like United States, Germany, Japan, France, South Korea and Netherlands.

Chong Zhemin asks Abdul Wahid Omar to explain how it is possible that Malaysia which has a trade export 6.82 times smaller than the United States could record such an astronomical amount of RM1.38 trillion (USD 394.87 billion) of illicit capital outflow since 2003.

According to him, the only plausible explanation is that this amount is lost through crime and rampant corruption. The GFI report is also consistent with the annual auditor-General Report which has highlighted big incidences of corruption and the many mega scandals which has been exposed by Pakatan Rakyat leaders.

Abdul Wahid Omar said that he refused to repeat himself every year to explain the reports of illicit capital outflow by the GFI.

“These people, they keep coming out with the same things again and again,” he was quoted as saying.

Chong Zhemin opines that the reason GFI reports keep coming out with the “same thing” is because that Putrajaya has done nothing but look for excuses in the past 6 years to curb the illicit capital outflow since GFI published its first report in 2008.

“This astronomical amount lost through illicit capital outflow is scandalous and shocking, with the world crude oil prices tanking and the Malaysian Ringgit in a freefall, the continuous capital flight from Malaysia could only spell disaster for Malaysia economy,” he said.

The Global Financial Integrity (GFI) is a non-profit, Washington, DC-based research and advisory organization, which produces high-caliber analyses of illicit financial flows, advises developing country governments on effective policy solutions, and promotes pragmatic transparency measures in the international financial system as a means to global development and security. -The Rocket