The startling revelation that Bangladeshi deposits in Swiss banks soared to CHF 589.54 million (approximately Tk 8,832 crore) in 2024 should serve as a wake-up call for policymakers.
According to a report published in this newspaper on Friday, the Swiss National Bank’s (SNB) latest figures show a 33-fold increase from the previous year — a spike driven almost entirely by deposits from Bangladeshi banks, not individuals.
This dramatic surge, the second-highest in five years and fifth-highest since 1996, is particularly puzzling given Bangladesh’s limited trade engagement with Switzerland.
As former World Bank economist Zahid Hussain rightly noted, the lack of substantial import rules out trade-related transactions, pointing instead to alternative explanations, possibly financial manoeuvring before the interim government assumed office in August 2024.
More troubling is the broader context: Bangladesh remains outside the Automatic Exchange of Information (AEOI) framework.
Despite repeated calls from experts and civil society, the country has yet to sign the multilateral agreement necessary to gain access to the financial data of its citizens and institutions held in Swiss banks.
Neighbouring nations like India and Pakistan have been receiving such data since 2018. Bangladesh, meanwhile, remains in the dark — a concerning omission for a country plagued by money laundering and illicit financial flows.
The opacity surrounding the Swiss deposits underscores the urgent need for transparency.
In 2022, the Bangladesh Financial Intelligence Unit (BFIU) requested information on 67 individuals suspected of laundering money to Switzerland. Swiss authorities responded with data on only one.
This reflects both the inadequacy of Bangladesh’s current legal arrangements and the lack of urgency shown by successive governments.
The interim government has a narrow but critical window to act. Joining the AEOI framework would not only aid in repatriating illicit wealth but also send a powerful message that Bangladesh is serious about financial integrity.
Failing to do so risks isolating the country from the global financial transparency regime and emboldening those who exploit its loopholes.
This moment demands bold leadership and swift policy action. Transparency is no longer optional — it is the foundation upon which public trust and international credibility are built.
If the government is serious about curbing corruption, it must take immediate steps to sign the multilateral agreement and bring Bangladesh into the fold of financial accountability.
