KUALA LUMPUR, Jan 20 — Illicit money outflows from Malaysia tripled to US$68.2 billion (RM208.1 billion) in 2008, from US$22.2 billion in 2000, according to a report by US-based financial watchdog Global Financial integrity (GFI) released this month.
The country also had the fifth largest amount of illegal money outflows between 2000 and 2008, among developing countries. GFI defines illicit financial flows as generally involving the transfer of money earned through illegal activities such as corruption, transactions involving contraband goods, criminal activities, and efforts to shelter wealth from a country's tax authorities, said the programme’s website.
The report titled Illicit Financial Flows from Developing Countries: 2000-2009 said that illicit financial outflows from Malaysia totalled US$291 billion (RM888 billion) in that period.
It said that the increase was “at a scale seen in few Asian countries.”
“The volume of illegal capital flight from Malaysia has come to dwarf legitimate capital inflows into the country in recent years,” said the report.~Malaysia is fifth in illegal money chart - The Malaysian Insider