Mr 5 Billion is talking about forming special task force to check on illicit outflow.
With the new government coming in, I am sure the 20 accounts hidden by Mr 5 Billion can be reveal.
By Tanu Pandey
PETALING JAYA: The special government task force to check illicit
outflow of funds from the country is planning to become a formal body
with central management of material seized during raids, according to
Attorney-General Abdul Gani Patail.
The task force is also likely to commission a study on the veracity
of a report issued by Global Financial Integrity (GFI) which said about
RM880 billion was taken out of the country illegally between 2001 and
2010.
Gani said the government and Bank Negara Malaysia (BNM) disagree with
the number stated by GFI, saying that 80% of funds listed as illegal
outflow is a result of trade mispricing.
BNM has said that the report did not consider various discrepancies
in trade statistics and that the outflow estimates are overstated.
“It is important to note that estimates highlighted in its reports
are essentially ‘unrecorded financial flows’, which are not necessarily
synonymous with ‘illicit financial flows’,” BNM had said in a March 1
statement.
Gani said the GFI has offered to do a study for Malaysia on illicit fund flow to help plug the loopholes to tackle it.
“I told them [GFI], I will consider it carefully to engage them to
make a study. For the next six months we will see how we can deal with
this issue. If we cannot, we can engage them.”
He said as it is, Malaysia has the suspicious transaction reporting
and currency transaction report in place which makes it difficult to
take illicit funds out of the country.
He said the task force on illicit outflows that was set up last year
is drafting laws and regulations to become institutionalised.
The task force, Gani said, takes a percentage of the revenue derived from seizures and uses it to fund the organisation.
If all goes well for the task force, it could be an institution soon after the general election, he said.
The body comprises the AG’s Chambers, Royal Customs, police,
Malaysian Anti-Corruption Commission (MACC), Inland Revenue Board,
Immigration Department and BNM.
The special task force also plans to develop a national intelligence
database to share information and provide the necessary advice to the
public.
This content is provided by FMT content partner The Malaysian Reserve.
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