Malaysiakini
Mar 10, 11
Malaysia recorded RM135.3 billion in errors and omissions (E&O) in its outflow funds for the period 2000 to 2009.
Prime Minister Najib Abdul Razak said considering the huge amount of trade transactions with the rest of the world as well as the lack of data for specific goods due to statistical errors or unrecorded transfer of funds, there was bound to be E&O in the balance of payments.
“Malaysia’s financial and economic trading with the world outside is seen in the balance of payments statistics, which is prepared according to a methodology set by the International Monetary Fund (IMF),” he said in his written reply to a question from Lim Kit Siang (DAP-Ipoh Timur) at the Dewan Rakyat sitting today.
Lim wanted to know the measures taken by the government in the light of a report by Global Financial Integrity (GFI) which stated that Malaysia saw illicit money outflows amounting to RM889 billion from 2000 to 2008 due to corruption and mismanagement. Continue reading “M’sia lost RM135.3 bil in illicit outflow”