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The Financial Express

Swiss Bank deposits swelling: A sign of burgeoning corruption

| Updated: October 24, 2017 09:29:20


Swiss Bank deposits swelling: A sign of burgeoning corruption

THE media reports that Bangladeshis are now sending more money abroad than ever before and a lion's share of this money is being deposited to Swiss Bank. This has been the case in the past as well and it is only a difference of degrees. This is also an indication of the extent of corruption taking place in the country. An amount of Tk.4300 billion is reported to have been siphoned out of the country, albeit, illegally. This is a staggering amount and is about 30 per cent more than our national budget this year. The Swiss Bank keeps their account holders' names and particulars a top secret and that is how it has become a popular destination of black money of the corrupt people of the world. Swiss Bank deposits of Bangladeshi rose by 9.0 per cent last year. Interestingly, the trend of depositing money by the Bangladeshi account holders is increasing when the global trend is declining. Bangladesh Bank should take immediate steps to stem the rot and seek help from Swiss Bank to collect names and particulars of Bangladeshis maintaining their accounts and recover the laundered money. There are other destinations of black money as has been divulged in the recently leaked Panama Papers. It is high time the government intensified its efforts to recover the country's money sent abroad illegally and bring it back to the national exchequer.
Masud Rana
Dhanmondi, Dhaka
 

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