Bangladeshis withdraw money from Swiss Bank

The deposits of Bangladeshis in the Swiss Bank are being decreased in astonishing pace. They have withdrawn Tk 10,801 crore from the Swiss banks in last one year. In 2021, the deposits of Bangladeshis were 87 crore 11 lakh Swiss Franc, whereas in 2022 it was reduced to 5 crore 52 lakh Franc.

The above information was revealed in the annual report of the central bank of Switzerland. The report has no explanation over the huge amount of money withdrawn by the Bangladeshis. However, according to the analysts, as the privacy of Swiss Bank is reduced, so many rich people are going to the banks of Luxemburg, Kaman Island, British Virgin Island and Barmuda to deposit their money.

Switzerland is known as the fortress place of depositing money for the rich people across the world. The Swiss Banks are trusted banks to the depositors across the world as they keep the name and identity of the depositors confidential. Hence, the money came from the sources like tax evasions and illegal income gets the chance to be deposited in Swiss Bank. The bank has published the report over money deposited in last one year. In the report published on Thursday, it said that in 2022 the deposits of Bangladeshis was reduced to 5 crore 52 lakh Franc, which is equivalent to Tk 684 crore. In last one year, the money deposited by the Bangladeshis has been reduced by Tk 10,801 crore.

According to the report, the deposits of Bangladeshis were highest till 2021, which were drastically reduced within one year. The amount of deposits was reduced by 93.65%. In 2020, the deposits were 56 crore 29 lakh Franc, in 2019 it were 60 crore 30 lakh Franc, in 2018 61 crore 77 lakh Franc.

According to the Swiss Central Bank, if any Bangladeshi deposited money by hiding his citizenship identity, then the amount wasn’t included in these accounts. Even, the monetary value of gold or other valuables wasn’t counted in these reports.

According to the report so far, Bangladeshis had the highest deposits in Swiss banks in 2021. Deposits of only 31 million Swiss francs in 2002 have increased almost 30 times in two decades. The growth rate was also highest in 2021.

However, Money kept in a Swiss bank is believed to be money laundered. Money laundering from Bangladesh increased before the last national elections, but this year it has decreased. The 11th National Parliament election was held in December 2018. At the end of that year, the amount of deposits of Bangladeshis in Swiss banks stood at Tk 5, 868 crores, which is about 1,300 crore more than the previous year. At the end of 2017, the amount of deposits was Tk 4,572 crore. Similarly, in the year of 2014 parliamentary elections, it was Tk 2, 633 crore. At the end of 2013, the amount of money deposited by Bangladeshis in Swiss banks was 4, 807 crore. Last year at the end of 2012, the amount of deposits was 2, 174 crore.

A former official of the Bangladesh Financial Intelligence Unit (BFIU) said on condition of anonymity that because the law of Switzerland keeps bank account holders' information confidential, there is a tendency for illegal money to be deposited there.

@The report was published in Bengali on print and online versions of The Bangladesh Pratidin on June 23 and rewritten in English by Lutful Hoque