Bangladeshis' deposits in Swiss banks rise 20% in 2016

Deposits by Bangladeshis in Switzerland's banks rose by about 20 percent year-on-year in 2016.

The amount rose to 661.96 million Swiss francs or Tk 55.86 billion in 2016 from 550.85 million francs in the previous year, according to data released by Swiss National Bank or SNB on Thursday.

Zurich-based SNB published the data in its annual report titled 'Banks in Switzerland 2016'.

Money parked by Bangladeshis in the Swiss banks totalled around 506.05m francs in 2014.

The total funds held by all foreign clients of Swiss banks also rose to 1.42 trillion francs in 2016 from 1.41 trillion francs a year ago.

The Alpine country is preparing to dismantle bank secrecy next year when it begins sending information about its customers' accounts to foreign tax agencies.

FILE PHOTO - An employee checks a safe box at the vault of Swiss UBS bank in Zurich-Zollikon, Switzerland January 21, 2009. REUTERS/Arnd Wiegmann/File Photo

But Switzerland's multi-trillion-dollar financial industry is seeking new safeguards to protect bank data against misuse that could expose clients to crimes such as kidnapping or blackmail.

Money parked by Indians in Switzerland’s banks nearly halved to 676 million Swiss francs in 2016 to hit a record low amid a continuing clampdown on the suspected black money stashed behind their famed secrecy walls.

Swiss banking secrecy in its current form took shape before World War II, and provided the victims of Nazi persecution with a way to protect their assets.

The movement to scrap the policy in Switzerland and other well-known "tax havens" arose after the financial crisis of 2008 and subsequent eurozone debt crisis.