Swiss Bank Deposits: Muhith slams media over 'exaggeration'

Finance Minister AMA Muhith yesterday criticised the media for what he said was exaggeration in reports on Bangladeshis' deposits in Swiss banks.

“Journalists unethically mentioned those [deposits with Swiss banks] as money laundering, which led to misunderstanding,” he told parliament. 

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Muhith said several newspapers recently reported that Bangladeshi nationals' deposit in Swiss banks in 2016 was $694.15 million, up from $582.43 million the previous year.

Taking the significance of the issue into consideration, Bangladesh Bank (BB) and Bangladesh Financial Intelligence Unit collected information and submitted a report to the finance ministry.

“I won't say money is not laundered.

But the amount is too small to be taken into consideration.

“You know that the trade and commerce in the country is operated through banks. As the banking system of Switzerland is very advanced, our dealings with neighbouring countries are settled through Swiss banks,” he said.

Citing a BB report, he said the trade between Bangladesh and Switzerland through the banking channel has also increased significantly. ”In reality, it is not at all money laundering.”

“I hope this explanation will end the misunderstanding”, he added.