ACCORDING to the latest data of Swiss National Bank (SNB), the central bank of Switzerland, deposits by Bangladeshi citizens at various Swiss banks rose by 62 percent year-on-year in 2013. The latest revelation from the Swiss central bank shows that the outflow of money was higher than any time in the past. The deposits that stood at Tk 3,236 crore (372 million Swiss francs) at the year-end were Tk 1,991 crore in 2012. This trend came in contrast to the fact that money held in Swiss banks by foreign clients from across the world continued to decline and stood at a record low of 1.32 trillion Swiss francs (about $1.56 trillion) at the end of 2013. Swiss National Bank official figures do not include the money that Bangladeshis or others might have in Swiss banks in the names of entities from different countries. And Switzerland is not the only country that has received the Bangladeshi funds, as experts have added the names of Canada, Malaysia and the UAE to the list. So it is really difficult to know how much money was siphoned from Bangladesh last year. Due to political unrest and lack of safety throughout the year when many predicted a government changeover this funnelling of money happened. So it is not difficult to estimate who might be the potential owners of the money. Officials said politicians and bureaucrats who earned money through illegal means transfer the money abroad fearing a government changeover or takeover of a regime like the 2006-07 army-backed caretaker administration that clamped down on illegal money holders. Moreover, the money has flown outside through both official and unofficial channels.Reiterating economists, we feel that the people in power are in an illegal money making spree and are siphoning money in many foreign banks including Swiss banks. Economists also said that as the political threat of the hierarchy being turned upside down is still alive, the funnelling of money outside the country has not stopped. The law and order situation and the governance have to be improved so that businessmen can find confidence to keep their money in Bangladesh. There are other steps to be taken for prevention. Bangladesh will not be able to get required information from countries such as Switzerland. To get information, Bangladesh has to approach the foreign banks or authorities with adequate evidence of irregularities and verdicts from courts. Only then the external parties will cooperate. We believe, as long as the people in power enjoy legal, social and cultural impunity this will not stop. To stop the illegal flow of the money, the government will have to rise over partisan politics and take some punitive measures. But, if the government itself is entangled in this process then who will do that?
