Ramon: Need to Investigate Malaysia's Illicit Financial Outflow

Kuala Lumpur, 27 January 2011 - 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 & Leadership Institute (ASLI) Centre for Public Policy Studies, Tan Sri 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 here today.

The President of the American Malaysian Chamber of Commerce, Datuk Nicholas Zefferys told reporters at the conference that Bank Negara Malaysia has set up strict money laundering regulations.

"Malaysia has strong protection against money laundering in the traditional banking system," he said.