Surge in deposits under Bangladesh’s name in Swiss Banks

The amount of money deposited in Swiss banks under Bangladesh’s name has surged dramatically, according to the latest data released by the Swiss National Bank (SNB).

The central bank of Switzerland published its annual report on liabilities and assets held by Swiss banks for countries worldwide for the year 2024.

The report reveals that by the end of 2024, Swiss banks held liabilities amounting to 598.2 million Swiss francs (around Tk 8,972 crore, based on an exchange rate of 150 taka per franc) in Bangladesh’s name. This figure marks an almost 23-fold increase from 26.4 million francs (approximately Tk 396 crore) reported at the end of 2023. At the end of 2022, the amount stood at 58.4 million francs (about Tk 876 crore).

These liabilities encompass funds owed to Bangladeshi banks, depositors, and investments registered under Bangladesh’s name in capital markets. Bangladesh Bank confirms that over 95 percent of this sum relates to trade-based banking transactions.

While some suspect a portion of these funds could be illicitly transferred or laundered assets, no concrete evidence has yet been disclosed. Bangladesh’s Financial Intelligence Unit (BFIU) has engaged in multiple discussions with its Swiss counterpart but has not obtained detailed account holder information.

Swiss authorities have indicated their willingness to cooperate in investigations if presented with credible proof of illegal transfers.

It is important to note that deposits held by Bangladeshi individuals or entities under other countries’ names are not reflected in these figures.

Additionally, valuables such as artwork, gold, and rare items stored in Swiss bank vaults are excluded from the reported statistics.

Many international clients, including Bangladeshis, store such valuables in Swiss vaults.

The steep rise in deposits under Bangladesh’s name in Swiss banks has sparked renewed calls for greater financial transparency and vigilance against illicit fund flows.