Probe illicit capital outflow, says Ramon
Published: Jan 27, 2011 4:38 PM | Updated: Jan 27, 2011 4:41 PM
There is a need to investigate and take remedial action, where necessary, on the report of illicit financial outflow from Malaysia, said the chairman of the Asian Strategy and Leadership Institute's (Asli) Centre for Public Policy Studies, Ramon Navaratnam.
'We must ask ourselves why the money is going out,' says the chairperson of Centre for Public Policy Studies.
There is a need to investigate and take remedial action, where necessary, on the report of illicit financial outflow from Malaysia, said the chairman of the Asian Strategy and Leadership Institute's (Asli) Centre for Public Policy Studies, Ramon Navaratnam.
It was reported recently by financial watchdog Global Financial Integrity (GFI) that illicit money outflow from Malaysia in 2000 was RM67.7 billion (US$22.2 billion) and eight years later, it balloned to RM208 billion (US$68.2 billion).
"We must ask ourselves why the money is going out," Ramon told reporters at the 13th Malaysia strategic outlook conference 2011 in Kuala Lumpur today.
The president of the American Malaysian Chamber of Commerce, Nicholas Zefferys, told reporters at the conference that Bank Negara Malaysia has to set up strict money laundering regulations.
"Malaysia has strong protection against money laundering in the traditional banking system," he said.
- Bernama
It was reported recently by financial watchdog Global Financial Integrity (GFI) that illicit money outflow from Malaysia in 2000 was RM67.7 billion (US$22.2 billion) and eight years later, it balloned to RM208 billion (US$68.2 billion).
"We must ask ourselves why the money is going out," Ramon told reporters at the 13th Malaysia strategic outlook conference 2011 in Kuala Lumpur today.
The president of the American Malaysian Chamber of Commerce, Nicholas Zefferys, told reporters at the conference that Bank Negara Malaysia has to set up strict money laundering regulations.
"Malaysia has strong protection against money laundering in the traditional banking system," he said.
- Bernama
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