Rise of deposits from Bangladesh in Swiss banks not because of individuals: Ambassador

Individuals have not contributed to the latest rise in deposits in Swiss banks, the foreign ministry has said citing Switzerland’s Ambassador Christian Fotsch.

Bangladeshis' deposits in Swiss banks rise 20% in 2016

During a meeting with State Minister for Foreign Affairs Md Shahriar Alam on Tuesday, the outgoing envoy said the rise was contributed to by “increased accumulation of assets of Bangladeshi banks, through different financial instruments, not by individuals”.

The issue came following the discussions held in parliament on Monday based on which the media ran reports on the rising trend of deposits by Bangladeshis in Swiss accounts.

Ambassador Fotsch shared that earlier this year that Switzerland introduced the automatic exchange of information (AEOI) with 38 states and territories: all EU member states and Gibraltar, Australia, Iceland, Norway, Guernsey, Jersey, Isle of Man, Japan, Canada and the Republic of Korea.

The first data will be exchanged with these partners in 2018.

On June 16, the Swiss Federal Council adopted the dispatch on the introduction of the AEOI with 41 states and territories based on the Multilateral Competent Authority Agreement, the ambassador said.

Fotsch said, according to the foreign ministry statement, that Bangladesh may enter into discussions with Switzerland to sign a similar agreement to ensure more transparency.

Alam and the Swiss envoy also discussed different aspects of bilateral relations including trade and investment, future GSP Plus facilities and cooperation in international fora.

The Swiss ambassador expressed “happiness” with the current state of ties.

This year marks the 45 years of the establishment of diplomatic relations between the countries.