Deposits linked to Bangladesh in Swiss banks surge over 33-fold

Deposits associated with Bangladesh in Swiss banks have skyrocketed, increasing by more than 33 times, according to recent data. 

On Thursday, June 19, the Swiss National Bank (SNB) released its 2024 banking statistics, detailing the assets and liabilities of Swiss banks with countries worldwide.

The data reveals that by the end of 2024, deposits linked to Bangladesh totalled 598.2 million Swiss francs (approximately 589.54 million francs). At an exchange rate of Tk 150 per franc, this amounts to Tk 8,972 crore. 

In contrast, at the end of 2023, the figure stood at just 17.71 million francs, marking a dramatic 33-fold increase.

These liabilities in Swiss banks encompass debts owed by Bangladeshi banks, individual depositors, and investments in the capital market linked to Bangladesh. 

Over 95% of these funds are attributed to Bangladeshi banks, which Bangladesh Bank classifies as trade-related funds.

Allegations persist that some of these deposits may involve laundered money, though no concrete evidence has been confirmed. 

Switzerland has been publishing annual banking statistics in recent years, shedding light on such financial activities.

The Bangladesh Financial Intelligence Unit (BFIU) has repeatedly reached out to its Swiss counterpart regarding potential money laundering but has not received detailed information, such as lists of individual depositors. 

Swiss authorities have indicated they would cooperate if provided with evidence of illegal transfers. 

Deposits made by Bangladeshi citizens or entities under another country's name are not reflected in these statistics.

Additionally, the figures do not account for the monetary value of valuable assets, such as art, gold, or rare items, stored in Swiss bank vaults, which citizens of various countries often use for safekeeping.