‘Govt alarmed by spike in BD deposits in Swiss Banks’

Staff Reporter :

The interim government has expressed serious concern over a dramatic 33-fold surge in deposits made by Bangladeshis in Swiss banks within a single year, Finance Adviser Dr. Salehuddin Ahmed said on Sunday.

Speaking at a post-budget press briefing held at the Finance Ministry in Dhaka, Salehuddin said the issue was discussed during the Advisory Council meeting earlier in the day.

“We are alarmed by the volume of Bangladeshi funds in Swiss banks. It’s a matter of serious concern and is being taken seriously,” he told reporters.

According to the Swiss National Bank (SNB), deposits by Bangladeshi nationals soared to 589.5 million Swiss francs-equivalent to approximately Tk 8,800 crore-in 2024. This marks a sharp increase from just 17.7 million francs in 2023, indicating a staggering 33-fold jump.

The 2024 figure is now the fifth-highest on record since 1996 and the second-largest in the past five years, following the all-time high of CHF 871.1 million in 2021.

Salehuddin noted that a large portion of the transfers occurred shortly after the national election held on 5 January 2024. He also acknowledged that some of the funds may be earnings legally remitted from abroad but still warrant scrutiny due to their volume and timing.

To address the issue, the government has tasked the Anti-Corruption Commission (ACC) and Bangladesh Bank with investigating the source and nature of the funds. “We will look into who is transferring money and under what circumstances,” he said.

This surge comes after a record low in 2023, when Bangladeshi funds in Swiss banks dropped to their lowest point since tracking began in 1996.
Previously, in 2022, the Bangladesh Financial Intelligence Unit (BFIU) requested information on 67 individuals suspected of money laundering. However, Swiss authorities shared details of only one person, limiting the scope of accountability.