Editor’s Note: This report is in keeping with my thesis that Muslim Leaders worldwide are being ‘set up’ by Globalist Conspirators in order to discredit Islam and undermine whatever integrity Muslims have left. Naturally, they take advantage of corrupt leaders who are numerous, Malaysia being no exception. So… this is merely business as usual in the land of glowing hypocrisy and naive religiosity. Indeed, it is prophesied. – OZ
Recently Malaysiakini reported as follows:-
Close to RM200 billion of dirty money was siphoned out of Malaysia in 2010, putting the country second only to Asian economic powerhouse China in global capital flight.
Washington-based financial watchdog Global Financial Integrity (GFI), in its latest report which tracks capital flight, says the level of illicit flows from Malaysia in 2010 was the highest in 10 years. GFI has introduced a new and more conservative methodology in its estimates of illicit financial outflows, which help to zero in exclusively on dirty money. As such, estimates from its previous reports have been revised.
I downloaded the GFI Report from the web and read it for myself.
Para 27 on page 19 of the report reads as follows:-
- The private sector in developing countries transfers illicit capital into the global shadow financial system through different channels, depending on the country of origin. For instance, while trade mispricing is the preferred method of sending illicit funds out of China, the balance of payments (captured by the HMN method) is the major channel for transferring unrecorded capital from oil exporters such as Nigeria, the Russian Federation, Saudi Arabia, and Indonesia.
In short, GFI has developed a mechanism to measure the flight of unrecorded capital from countries like Malaysia. You can read about the methodology in the report itself. Whilst the methodology has its shortcomings, it is about the closest measure that GFI can possibly get to in the absence of complete transparency in reporting. The GFI therefore adopted a conservatively focused Hot Money Narrow method adjusted for trade mis-invoicing (HMN+GER). The operative word here is “conservative” – in other words, the total outflows could actually be worse than reported!
The report also says :
- “Mexico and Malaysia are the only oil exporters where trade mispricing is the preferred method of transferring illicit capital abroad”.
An example would be the Scorpene submarine deal. “Trade mispricing” basically means marking up the cost of goods and services. That is probably the easiest way of siphoning money out of the Treasury. What is absolutely gut wrenching is the amount of money involved. In the 10 years since 2001, the Rakyat have been financially raped to the tune of almost RM1 trillion (US$285 billion) by the rogues, thugs, pirates and gangsters who purportedly serve the nation and the Rakyat. RM 1 trillion! 1 TRILLION folks – TRILLION! Can anyone imagine how much money that is?
However, what caught my notice about the report was the lack of any information about where all this money was ending up. I mean, come on, if GFI could measure financial outflows, surely they can measure the corresponding “inflows” somewhere else. It stands to reason. All this money wasn’t flowing out of China, Mexico. Malaysia and other 3rd world countries and just vanishing into thin air! In the 10 years from 2001, total illicit outflows from China alone was (US$2,742 billion {US$2.742 trillion} or close to RM10 trillion). You cannot just miss accounting for that kind of money surely. It has to show up somewhere.
So, I got in touch with GFI and asked them to explain the deficiency in their report. Why have they not identified where all this money is ending up? I specifically asked if it was because the monies were ending up in 1st World banks, encouraged by their governments. In less than 24 hours I got a response from the Director of Communications at GFI. I reproduce below the relevant parts of his e-mail:-
- “We actually wrote a report in May 2010 looking at the absorption of illicit money flowing out of the developing world. Indeed, we found that most of the money is ending up in tax havens like Switzerland and Singapore … as well as in developed country banks in places like New York, London and Tokyo. We have no qualms about criticizing the U.S., U.K. and others for their role in facilitating the outflow of this money from the developing world. Indeed most of our work is geared toward getting countries like the U.S., U.K. and international groupings like the G20 to improve their own laws, crackdown on tax havens, and curtail the absorption of this money out of the developing world.” – All of the best. Clark.
- Clark Gascoigne Communications Director / Global Financial Integrity / 1100 17th Street, NW, Suite 505 / Washington, DC 20036 USA
So you see why it is that the shysters in 3rd world countries can loot and pillage our coffers and get away with it? It’s because it benefits the Western world. All this money ends up in their financial system and they thrive on it. Countries like the US accuse the 3rd world of harboring and aiding and abetting terrorists whilst they aid and abet in the financial rape of our peoples and laugh all the way to the bank. The US and Switzerland are resistant to more transparency in their financial systems whilst wanting the 3rd world to lay bare their financial dealings to them. It is okay for the US and the UK to aid and abet the “financial terrorists” of Malaysia, China and Mexico but castigate other countries for even the slightest misdemeanor against them. Such is the world socio-economic order!
The question is, after we install a new government in Putrajaya, can we possibly recover at least some of this money? If we can recover say just 10%; that will amount to RM100 billion back in the treasury’s coffers. Hopefully, once the task at hand to replace our robber barons has been achieved, our celebrated lawyers like Haris Ibrahim, Gobind Singh Deo, Sankara Nair and others will then set about trying to figure out how to recover our money for us so that it can be put to good use. They will be up against very powerful adversaries, but I reckon they are more than able to take on the challenge.
May God help us all!
4 responses to “US AND SINGAPORE HELP POLITICIANS RAPE MALAYSIA”
Good luck 🙂
Malaysia Welcomes Goldman Sachs
Goldman Sachs has received licenses from Malaysia’s Securities Commission to provide fund management and corporate finance advisory services in the country.
The investment bank is the latest foreign financial institution to benefit from the ongoing liberalisation of Malaysia’s financial sector, which consists of Islamic finance running in parallel with conventional finance.
The bank will now be allowed to officially open an office in Malaysia and will be able to offer offshore fund management services for the first time. Hitherto, Goldman was only permitted to manage Malaysian institutional funds invested outside the country. A representative from Goldman commented that the move could potentially launch funds in Malaysia.
Goldman already uses its Singapore and Hong Kong offices as bases from which to offer investment banking services, such as capital markets and mergers and acquisition advisory, to firms within Malaysia. This year, it advised on deals including Maxis’ US$3.3 billion initial public offering in November and Maybank’s US$1.6 billion rights issue in April. The bank plans to increase such activities.
The bank released a statement saying it intends to open an office in Kuala Lumpur during the first half of 2010.
Tim Leissner, co-president of Southeast Asia at Goldman Sachs said, “the future outlook for Malaysia’s capital markets and its asset management industry is very positive and through our local presence we look forward to playing a larger role in their development”.
Currently, Leissner’s main responsibility is to over-see investment banking in Malaysia along with Roger Ng, who is an executive director in the bank’s investment banking division. Goldman Sachs declined to comment on whether or not the pair will retain this responsibility, or on who will be appointed head of the new domestic initiative.
Although Goldman is not presently active within the Islamic Finance sector, it could be in the future, especially considering its offices in Hong Kong, Singapore and now Malaysia.
The statement said, “Malaysia is an Islamic financial centre and it’s certainly an area we will be looking at closely”.
http://www.globalislamicfinancemagazine.com/index.php?com=news_list&nid=169
This is a daylight robbery, man!!.The US and Singapore stealing money from Malaysia is tantamount to a “Bonnie” and “Clyde” tag team partnership,robbing from the outside while the local politicians play the role of “Batman” and “Robin” gone rogue,emptying the coffers from the inside!!.And the Malaysian citizens can do nothing but look on!!.NICE JOB!!.
A trillion here, a trillion there. Possibly 25mil Malaysians have no idea how much is one billion.