Whether the findings are true or not, is secondary. What's alarming is Malaysia's 5th position as the world's 'hub' for illicit financial flows, or money laundering.
According to the Washington-based Global Financial Integrity (GFI), illicit financial flows from developing and emerging economies surged to US$1.1 trillion (RM4.4 trillion) in 2013, and Malaysia is among the 'Top 10'.
The report pegs cumulative illicit outflows from developing economies at US$7.8 trillion between 2004 and 2013, the last year for which data are available, with Malaysia losing an average of US$41.85 billion (about RM180 billion) every year.
![]()
The study reveals that illicit financial flows first surpassed US$1 trillion in 2011, and have grown to US$1.1 trillion in 2013—marking a dramatic increase from 2004, when illicit outflows totaled just US$465.3 billion.
“This study clearly demonstrates that illicit financial flows are the most damaging economic problem faced by the world’s developing and emerging economies,” said GFI President Raymond Baker, a longtime authority on financial crime.
(LET'S HEAR TO WHAT PM NAJIB, BANK NEGARA AND OUR EXPERTS GOTTA SAY)
“This year at the UN the mantra of ‘trillions not billions’ was continuously used to indicate the amount of funds needed to reach the Sustainable Development Goals. Significantly curtailing illicit flows is central to that effort.”
The study ranks the countries by the volume of illicit outflows. According to the report, the 20 biggest exporters of illicit flows over the decade are:
According to the Washington-based Global Financial Integrity (GFI), illicit financial flows from developing and emerging economies surged to US$1.1 trillion (RM4.4 trillion) in 2013, and Malaysia is among the 'Top 10'.
The report pegs cumulative illicit outflows from developing economies at US$7.8 trillion between 2004 and 2013, the last year for which data are available, with Malaysia losing an average of US$41.85 billion (about RM180 billion) every year.
The study reveals that illicit financial flows first surpassed US$1 trillion in 2011, and have grown to US$1.1 trillion in 2013—marking a dramatic increase from 2004, when illicit outflows totaled just US$465.3 billion.
“This study clearly demonstrates that illicit financial flows are the most damaging economic problem faced by the world’s developing and emerging economies,” said GFI President Raymond Baker, a longtime authority on financial crime.
(LET'S HEAR TO WHAT PM NAJIB, BANK NEGARA AND OUR EXPERTS GOTTA SAY)
“This year at the UN the mantra of ‘trillions not billions’ was continuously used to indicate the amount of funds needed to reach the Sustainable Development Goals. Significantly curtailing illicit flows is central to that effort.”
The study ranks the countries by the volume of illicit outflows. According to the report, the 20 biggest exporters of illicit flows over the decade are:
- China………………. US$139.23bn avg. (US$1.39tn cumulative)
- Russia…………….. US$104.98bn avg. (US$1.05tn cumulative)
- Mexico…………..US$52.84bn avg. (US$528.44bn cumulative)
- India…………….. US$51.03bn avg. (US$510.29bn cumulative)
- Malaysia……….. US$41.85bn avg. (US$418.54bn cumulative)
- Brazil……………. US$22.67bn avg. (US$226.67bn cumulative)
- South Africa….. US$20.92bn avg. (US$209.22bn cumulative)
- Thailand…………. US$19.18bn avg. (US$191.77bn cumulative)
- Indonesia……….. US$18.07bn avg. (US$180.71bn cumulative)
- Nigeria…………… US$17.80bn avg. (US$178.04bn cumulative)
- Kazakhstan…….. US$16.74bn avg. (US$167.40bn cumulative)
- Turkey……………. US$15.45bn avg. (US$154.50bn cumulative)
- Venezuela……….. US$12.39bn avg. (US$123.94bn cumulative)
- Ukraine……………. US$11.68bn avg. (US$116.76bn cumulative)
- Costa Rica………… US$11.35bn avg. (US$113.46bn cumulative)
- Iraq………………… US$10.50bn avg. (US$105.01bn cumulative)
- Azerbaijan…………. US$9.50bn avg. (US$95.00bn cumulative)
- Vietnam…………….. US$9.29bn avg. (US$92.94bn cumulative)
- Philippines………… US$9.03bn avg. (US$90.25bn cumulative)
- Poland………………. US$9.00bn avg. (US$90.02bn cumulative)