How Malaysia Fares Internationally

G-20 leaders blacklist Malaysia as one of 4 tax havens

LONDON: Four nations were blacklisted as uncooperative tax havens after G-20 leaders declared the age of banking secrecy was over and said they would no longer tolerate shady havens draining away badly needed tax revenue.

At the request of the Group of 20 summit of rich and developing nations, the Organization for Economic Cooperation and Development named the Philippines, Uruguay, Costa Rica and the Malaysian territory of Labuan as the worst offenders, saying they had refused to adopt new rules on financial openness.

Read more at http://thestar.com.my/news/story.asp?file=/2009/4/3/nation/20090403095714&sec=nation

I'm aware of this news, and its worrying especially at a time where the world economy is relatively unstable. If my presumptions are correct, such unnecessary debts applied to foreign investors doing business in Malaysia only stinks of corruption and red-tape.

Financial openness in Malaysia ? lol, when is that going to happen ?

Just another indication that Malaysia is being scrutinized. This time by Human Rights Watch.
http://www.hrw.org/en/news/2009/04/06/malaysia-new-prime-minister-should-repeal-internal-security-act