Swiss Bank won’t share deposit info

Authorities of the Bank of Switzerland have refused to divulge any information to Bangladesh Bank about deposits made by Bangladeshi citizens.
“Like its bank, the Swiss government will also not share any information with Bangladesh government about Bangladeshi depositors’ money in Swiss bank-laundered illegally or otherwise,” an Executive Director of Bangladesh Bank told The New Nation on Wednesday.
Bangladesh Bank’s Spokesperson and Executive Director Mahfuzur Rahman had a meeting with Chief of the Financial Intelligence Unit of the Bank of Switzerland and an Additional Secretary of the Ministry of Finance of the government of Switzerland in Macao, where they were attending an international conference last week.
The Executive Director quoted both the Swiss officials as replying to his request for information sharing, “Neither the Bank of Switzerland nor Swiss government will furnish any information to Bangladesh Bank or Bangladesh government on deposits by Bangladeshis.”  
Earlier, on June 22, Bangladesh Bank has initiated official process to ascertain whether Taka 30 billion (3,000 crore) deposited in Swiss Bank by Bangladeshi citizens or part of it is laundered from the country or not. The central bank’s initiative was aimed at bringing back part of the laundered money.
“The Economic Intelligence Office (FIO) has already established contact with its counterpart in Switzerland’s Central Banking Authority and sent a proposal to share monetary information,” a Bangladesh Bank Deputy Governor told The New Nation on June 22.
“A memorandum of understanding (MoU) will be singed between the FIOs of Bangladesh and Swiss bank if the latter agrees to the proposal. And there will be information exchange between the two central banks following the singing of MOU,” the Deputy Governor said.  
Bangladeshi depositors’ money in Swiss banks has markedly increased by 62 per cent, making the total of over Taka 30 billion (3000 crore), in 2013, a PTI report said on June 20.
 “In contrast to the situation involving three south Asian countries (Bangladesh, India and Pakistan), the money held by foreign clients across the world continued to decline and stood at record low of 1.32 trillion Swiss francs (about USD 1.56 trillion) at the end of 2013, has increased markedly in 2014 amidst a global downturn,” the PTI report said.
The central bank of Bangladesh has brought back Taka 200 million (20 crore) laundered money from a Singapore bank and similar amount from a Hong Kong bank a few years back through bilateral cooperation between the banks.  
When asked about Swiss authorities response to Bangladesh Bank’s request, Mahfuzur Rahman said, “Both the Swiss bank and government officials told us that the Swiss authorities do not share bank deposit information with any other country. This a business secrete of the Switzerland.” Meanwhile, the Press Trust of India (PTI) on Tuesday created a report saying, “India’s efforts to crackdown on black money stashed abroad got a major boost on Sunday, with Switzerland readying a list of Indians suspected to have untaxed money in Swiss banks.”
“……..The names of certain Indians and entities came under the scanner of Swiss authorities during an ongoing exercise to identify the real beneficiary owners of funds held in various banks operating in Switzerland,” the PTI quoted a senior Swiss official to have said.
Mahfuzur Rahman rejected the PTI story terming it ‘concocted.’ “The Swiss officials said the Swiss authorities did not agree to share any information with Indian government or other official entities regarding bank deposit by Indians,” he asserted.