Malaysia loses tens of billions USD in illegal outflows
Malaysia lost up to tens of billions USD in illegal flow of money between 2005 and 2014, according to the Malay Mail online on May 2.
Illustrative image (Source: Freemalaysiatoday.com)The online newspaper cited a report of the Washington D.C.-based research and advisory organisation Global Financial Integrity (GFI) as saying that illicit financial outflows from Malaysia were estimated at 8-12 percent of the total trade of about 3.6 trillion USD during the period.
In 2014 alone, the value amounted to 26.6 – 44.3 billion USD.
Meanwhile, the illicit financial inflows into Malaysia were estimated at between 8 and 13 percent of the total trade from 2005-2014, which translated to between about 287 billion USD and 466 billion USD, mostly due to fraudulent trade misinvoicing.
According to the GFI, the total illicit financial flows, including outflows and inflows, grew at an average rate of between 8.5 percent and 10.1 percent a year over the ten-year period.
The GFI recommended that governments, including policymakers, require multinational companies to publicly disclose their revenues, profits, losses, sales, taxes, subsidiaries and salary levels.
In order to curtail trade misinvoicing, customs agencies should treat trade transactions involving tax havens with the highest level of scrutiny and closely track real-time world market pricing.-VNA
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