Bangladeshis’ deposits in Swiss banks drop 7 percent

The amount of money deposited by Bangladeshi clients in the banks of Switzerland has dropped by 7 percent year on year in 2020 amid the coronavirus pandemic

Jun 18, 2021
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Bangladeshis’ deposits in Swiss banks drop 7 percent

The amount of money deposited by Bangladeshi clients in the banks of Switzerland has dropped by 7 percent year on year in 2020 amid the coronavirus pandemic.

By the end of last year, Bangladeshis’ deposits in the banks totaled 562.93 million Swiss francs against 603.02 million Swiss francs in 2019, bdnews24.com reported.

The secrecy preserved by the Swiss banks and their policy of not asking questions draw a huge number of wealthy customers from around the world.

The Swiss National Bank, however, publishes the country-wise data every year. The annual report gives a glimpse into how much the rich have deposited their money into the banks.

The report this year comes amid a growing clamor in Bangladesh to identify the people who stash funds in the highly secretive banks.

The groups working on good governance and prevention of corruption in Bangladesh allege that most of the money parked in the Swiss banks by Bangladeshis is earned illegally and laundered abroad.

Following its failure to recover laundered money from Swiss banks, the government was dragged to the High Court earlier this year.

The court later ordered the authorities to list the Bangladeshis who deposit money in the Swiss banks and report on steps to bring the funds back.

The funds deposited by Bangladeshis in the banks of Switzerland crossed 100 million Swiss francs for the first time to 124.3 million Swiss francs in 2006 by the end of the BNP-Jamaat-e-Islami government.

During the 2007-08 military-backed caretaker government, the amount almost doubled to 203 million Swiss francs.

During the current Awami League government, the funds increased gradually to 661.9 million in 2016 from 152.3 million Swiss francs in 2011.

(SAM)