Bring back laundered money from Swiss banks

The Annual Statistics Report 2024 of the Swiss National Bank (SNB) revealed that, after two consecutive years (2022 and 2023) of sharp decline, Bangladesh-linked deposits surged dramatically in 2024-rising by nearly 23 times. It has raised fresh questions amid ongoing concerns over illicit capital flight.

According to A Financial Express report, total deposits linked with Bangladeshi account holders in Swiss Banks in 2024 increased to 598 million CHF (Swiss francs) from 26.38 million CHF in 2023 and 58.38 million CHF in 2022. While the exact nature of these deposits remains undisclosed, it is widely perceived that a significant portion comprises stashed wealth illegally transferred from various countries. Notably, only CHF 8.61 million of the total deposits were channelled through fiduciaries or wealth managers.

This scenario has alarmed the conscious citizens of the country, as the massive outflow of wealth represents resources that rightfully belong to the common people. Although the Swiss banking system strictly maintains the confidentiality of its depositors, it is still possible-and necessary-for the interim government to take diplomatic steps through the Central Bank to recover this illicit wealth.

Md. Refatul Hossain

Additional Director (retd.)

Department of Agricultural Extension (DAE)

Faridpur Region.