Drastic rise in Swiss bank deposits by Bangladeshis alarms govt, inquiry planned: Salehuddin
The Anti-Corruption Commission and Bangladesh Bank will investigate who is transferring money there, he says
The interim government is concerned over a 33-fold surge in deposits by Bangladeshis in Swiss banks within a year, Finance Adviser Salehuddin Ahmed said today (22 June).
"We are concerned about the volume of Bangladeshi funds in Swiss banks. It is alarming. The matter was discussed in the Advisory Council meeting [today], and we are taking it seriously," he said while addressing a post-budget press conference at the finance ministry in Dhaka.
This marked a staggering increase from just 17.7 million francs in 2023.
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Salehuddin said the Anti-Corruption Commission and Bangladesh Bank will investigate who is transferring money there.
He also noted that a significant amount of money was moved shortly after the 5 January national election in 2024.
Additionally, he mentioned that some individuals deposit earnings from abroad into Swiss bank accounts.
According to data released by the Swiss National Bank (SNB), the central bank of Switzerland, Bangladeshi deposits in Swiss banks surged to 589.5 million Swiss francs (around Tk8,800 crore) in 2024.
The 2024 figure marks the fifth-highest total since 1996 and the second-largest inflow in the past five years, trailing only the record CHF 871.1 million held by Bangladeshis in Swiss banks at the end of 2021.
However, this dramatic rise follows a historic dip in 2023, when Bangladeshi funds in Swiss banks plummeted to their lowest level since records began in 1996.
Earlier in 2022, the Bangladesh Financial Intelligence Unit (BFIU) sought information on the deposits of a total of 67 Bangladeshis, involved in alleged money laundering.
However, Swiss authorities only provided the details of one individual.
