Bangladeshis` deposits in Swiss bank rise by 20 pc last year

The Swiss National Bank in its annual report titled "Banks in Switzerland 2016" showed that the deposit of Bangladesh nationals' increased by 20.18 percent in 2016. 
The deposit was 661.96 million in Swiss franc or Tk 5,575 crore in 2016.
The amount was Tk 4,423 crore in 2015 and Tk 4,283 crore in 2014, as per the report of the bank.
The deposits went up in case of Bangladesh despite an ongoing global crack down on the famous secrecy wall of Swiss banking system.
Swiss banks have come under global pressure in recent times, as a number of countries, including India, are stepping up efforts to crack down on black money.
A Europe-led clampdown has also been launched on tax evasion and corruption.
Experts, however, say data from the Global Financial Integrity (GFI), a Washington-based        
research organisation, gives a comprehensive picture about money laundered out of a country.
Bangladesh lost between $6 billion and $9 billion to illegal money outflows in 2014, according to a GFI report.
A Bangladesh Bank official not to be named told the reporter, deposits in Swiss banks does not mean that money was laundered from Bangladesh only.
Bangladeshis living abroad also deposit their money in Swiss banks, he said.
Bangladesh Bank might bring back the money only when it will be proved that the money was siphoned off of the country, he opined.
Speaking at the Jatiya Sangsad on June 6, Finance Minister AMA Muhith said it was true that money was being laundered, but it was not possible to stop the outflow of money completely.
 "What we can do is to lessen the opportunity of siphoning off money. That means taking of measures to stop generation of black money."The government is taking steps in this regard, which would be visible next month, the minister said.
At the same time, Indian nationals' deposits in Swiss banks dropped to 664 million franc last year from 1.2 billion of the previous year.
In November 2016, India became one of a select group of countries to get benefits from an annual automatic exchange of banking information with Switzerland. This would ensure that financial information on bank accounts held by Indian citizens in Switzerland and vice-versa would be shared annually.
Pakistani nationals' deposits in Swiss banks also fell to 1.386 billion franc last year from 1.477 billion franc a year ago.
A country's political neutrality, stability and tradition of bank secrecy have kept their fortunes beyond the reach of national governments and even the most determined tax collectors.
Over the last several decades, Switzerland has provided wealthy families around the globe with a convenient and safe place to stash their money. Offshore accounts are not illegal, but many people use them to hide cash from the tax authorities, say experts.