By EJ Fagan
If you only watch one video today, this one is for you. Task Force member Global Witness published their stunning investigation today. The documentary uncovers how corruption is facilitated in Malaysia. Hidden cameras show Malaysian money launderers explaining exactly how they are going to set up an anonymous shell company (complete with finding rural villagers to sign their names on as nominee shareholders), buy massive amounts of land from corrupt Malaysian officials, and move the money to a secret Singapore bank account.
Malaysia lost $285 billion in 2001-2010 to illicit financial outflows, and Global Witness has vividly demonstrated how such enormous sums manage to find their way out of the country. And to make matters worse, the corrupt and illegal logging and land deals contribute to the destruction of Malaysia’s vibrant rain forests. There are even connections to HSBC, which helped bankroll companies widely suspected of bribery and corruption.
You can read more about the investigation here. Video below:
EJ Fagan is the New Media Coordinator for the Task Force on Financial Integrity & Economic Development in Washington, DC. He holds the same position with Global Financial Integrity.