Money in Swiss Banks

No info on Bangladesh deposits

Bangladesh will not get any information about the deposits of Bangladeshi citizens in Swiss banks since the country has no memorandum of understanding (MoU) on this with the Swiss National Bank (SNB).

This is despite the fact that Bangladesh has been a member of the prestigious Egmont Group since 2013. This group was formed with the Financial Intelligence Units (FIUs) of various countries. 

The Egmont Group provides a forum for FIUs around the world to boost the cooperation in the fight against money laundering and the financing of terrorism, as well as to foster the implementation of domestic programmes in this field.

Bangladeshi citizens deposited Tk. 5,566 crore in various Swiss banks in 2016 and Tk. 4,417 crore in 2015. 

Bangladesh Bank (BB) spokesperson Shubhankar Saha said Bangladesh has already sought information about its citizens’ deposits in different Swiss banks, but the reply never came. However, if BB seeks any particular information about an allegation of money laundering or corruption, the SNB will provide it, he added.

According to sources, BB has written several letters to the SNB over the last three years, seeking information about Bangladesh citizens’ deposits in Swiss banks. But the SNB authorities have never replied to the queries.

Saha, however, explained that it would be wrong to assume that the entire deposited money had gone from Bangladesh. Bangladeshi citizens from different countries have deposited money in different Swiss banks.

He said the BB, National Revenue Board, and law enforcement agencies are alert about money-laundering attempts. 

Saha expressed suspicion that most of the money was laundered by unscrupulous businessmen through under- and over-invoicing in international trade. He said that banks have been directed to approve the letter of credit for import after checking the price in the international market and to cross-check the price mentioned in the invoice.

Last May, Switzerland bent to pressure from the United States and the European Union and relaxed its law of secrecy, which has, for ages, been the principal cause of attraction for deposits. The Federal Banking Commission of Switzerland said that it would abolish the ‘Form B bank accounts’, which have enabled dictators, drug barons, arms dealers and the like to keep ill-gotten gains in Switzerland without facing the risk of their identities being disclosed.

Since 2002, the Money Laundering Prevention Act has been widely implemented to prevent such crime worldwide. Swiss banks have been publishing information about deposits from different countries since then.

Money in Swiss Banks

No info on Bangladesh deposits

Bangladesh will not get any information about the deposits of Bangladeshi citizens in Swiss banks since the country has no memorandum of understanding (MoU) on this with the Swiss National Bank (SNB). This is despite the fact that Bangladesh has been a member of the prestigious Egmont Group since 2013. This group was formed with the Financial Intelligence Units (FIUs) of various countries. The Egmont Group provides a forum for FIUs around the world to boost thecooperation in the fight against money laundering and the financing of terrorism, as well as to foster the implementation of domestic programmes in this field. Bangladeshi citizens deposited Tk. 5,566 crore in various Swiss banks in 2016 and Tk. 4,417 crore in 2015. Bangladesh Bank (BB) spokesperson Shubhankar Saha said Bangladesh has already sought information about its citizens deposits in different Swiss banks, but the reply never came. However, if BB seeks any particular information about an allegation of money laundering or corruption, the SNB will provide it, he added. According to sources, BB has written several letters to the SNB over the last three years, seeking information about Bangladesh citizens deposits in Swiss banks. But the SNB authorities have never replied to the queries. Saha, however, explained that it would be wrong to assume that the entire deposited money had gone from Bangladesh. Bangladeshi citizens from different countries have deposited money in different Swiss banks. He said the BB, National Revenue Board, and law enforcement agencies are alert about money-laundering attempts. Saha expressed suspicion that most of the money was laundered by unscrupulous businessmen through under- and over-invoicing in international trade. He said that banks have been directed to approve the letter of credit for import after checking the price in the international market and to cross-check the price mentioned in the invoice. Last May, Switzerland bent to pressure from the United States and the European Union and relaxed its law of secrecy, which has, for ages, been the principal cause of attraction for deposits. The Federal Banking Commission of Switzerland said that it would abolish the Form B bank accounts, which have enabled dictators, drug barons, arms dealers and the like to keep ill-gotten gains in Switzerland without facing the risk of their identities being disclosed. Since 2002, the Money Laundering Prevention Act has been widely implemented to prevent such crime worldwide. Swiss banks have been publishing information about deposits from different countries since then.