Contradictheory: The price of greasing the gears

If Malaysia is serious about fighting graft and inefficiencies, the solution is establishing independent institutions that can keep power in check. — 123rf

On Oct 10, 2025, while presenting Budget 2026, Prime Minister Datuk Seri Anwar Ibrahim announced that Malaysia had clawed back RM15.5bil in stolen and smuggled funds in just two years. I was impressed at first. That’s a lot of money, roughly three-quarters of what was stolen in the 1MDB scandal.

But then two thoughts came to mind. First, RM15.5bil is impressive until you remember how much more is probably gone. A 2017 report by the Washington-based Global Financial Integrity think tank estimated that Malaysia lost what amounts to an average of RM200bil every year between 2005 and 2014 through illicit money outflows.