Illicit Capital Flight: A Concern for Bangladesh
Introduction to the Issue
The Annual Statistics Report 2024 of the Swiss National Bank (SNB) has revealed a dramatic surge in Bangladesh-linked deposits, raising fresh questions amid ongoing concerns over illicit capital flight. According to the report, total deposits linked with Bangladeshi account holders in Swiss Banks in 2024 increased to 598 million CHF (Swiss francs) from 26.38 million CHF in 2023 and 58.38 million CHF in 2022.
Analysis of the Deposits
The exact nature of these deposits remains undisclosed, but it is widely perceived that a significant portion comprises stashed wealth illegally transferred from various countries. Notably, only CHF 8.61 million of the total deposits were channelled through fiduciaries or wealth managers. This massive outflow of wealth represents resources that rightfully belong to the common people of Bangladesh.
Call to Action
This scenario has alarmed the conscious citizens of the country, and it is necessary for the interim government to take diplomatic steps through the Central Bank to recover this illicit wealth. The Swiss banking system strictly maintains the confidentiality of its depositors, but it is still possible for the government to take action to retrieve the stolen funds.
Author’s Perspective
As stated by Md. Refatul Hossain, Additional Director (retd.) of the Department of Agricultural Extension (DAE), Faridpur Region, the government should take immediate action to address this issue. The people of Bangladesh deserve to know the truth about the deposits and the measures being taken to recover the illicit wealth.
Conclusion
In conclusion, the dramatic surge in Bangladesh-linked deposits in Swiss Banks is a concern that needs to be addressed immediately. The government should take diplomatic steps to recover the illicit wealth and ensure that the resources are utilized for the benefit of the common people. It is essential to maintain transparency and accountability in the banking system to prevent such incidents in the future. By taking prompt action, the government can regain the trust of its citizens and work towards a more prosperous and equitable society.
