PETALING JAYA: Demonetising the RM100 note can render large sums of cash stashed in secret safe houses worthless and significantly disrupt the flow of illicit funds, suggests an anti-corruption advocate.
Datuk Seri Dr Akhbar Satar said by doing this, those hoarding cash would be left with two choices – to exchange the old notes and risk exposure to the authorities – or for them to forfeit the money altogether and lose it all.
“If we change our RM100 note, it would severely cripple corrupt politicians who rely on cash stored in safe houses,” he said when contacted.
Akhbar made the suggestion following reports that millions in cash were recently discovered at premises believed to be “safe houses” of a prominent politician.
However, Akhbar cautioned that the exercise alone was not a foolproof solution, citing India’s experience with a similar approach.
In 2016, India demonetised its 500 and 1,000 rupee notes to combat corruption and black money.
“It worked for a while, but the corruption culture returned over time. The change of notes alone was not enough to permanently tackle corruption,” Akhbar said.
He said the government must conduct a thorough study on the impact demonetisation has on the economy before implementing such a measure and look for comprehensive reforms beyond currency changes to address corruption.
While he believes that changing the RM100 notes could be an effective measure to combat corruption, Akhbar emphasises that it must be part of a broader strategy.
“Changing the RM100 notes alone won’t solve the problem. We are facing a crisis of integrity at every level of society.
“Corruption is not limited to politicians and high-ranking officials. It exists in the lower levels of public service, in the business world, and even among ordinary citizens,” he said.
Akhbar said the issue extends beyond the actions of politicians.
“We, as a society, are complicit in this. Many voters expect handouts from politicians, whether it’s for petrol, accommodation, or food.
“By demanding money from our leaders, we reinforce this cycle of corruption. In a way, we teach our politicians to be greedy because we, too, are motivated by greed,” he said.
Calling for stronger political will to enact significant reforms, Akhbar said any effort to eliminate corruption must involve every segment of society.
“We need to address the root cause of this crisis, which is our lack of integrity.
“Corruption has become a societal illness. We cannot expect to rid Malaysia of corruption unless we, as a nation, are willing to take bold steps,” he said.
