Switzerland is the best destination for illegal money accumulated by corrupt officials and businessmen, especially from the third world countries. As India has moved down to 61st place in terms of foreigners’ money in Swiss banks, Pakistan has inched up to 73rd place.
According to the latest data released by the Swiss National Bank, Indians’ money in Swiss banks has declined by over 10 percent or $1.98 billion in 2014. The Indian money is mere 0.123 percent of the total global wealth in Swiss banks, which is $1.6 trillion. At least two-third of total money is kept in two Swiss banks — UBS and Credit Suisse — by foreign account holders. As the UK and the US have retained their top two positions with the largest shares of the foreign clients’ money with Swiss banks, China is up at 26th place.
When Bank of Credit and Commerce was broadening its network in Asia and Europe in 80s, its wings were clipped forthwith on the allegation of money laundering. But Swiss banking industry continued to grow despite all odds. No one in the United States, the United Kingdom and even the Scandinavian countries bothered to investigate the means of illegal money transfer to the Swiss banks. Ironically, the funds, described by Swiss National Bank as ‘liabilities’ or “amounts due to the customers of banks in Switzerland” are official Swiss figures and do not indicate to the quantum of the alleged black money held by foreigners in the safe havens provided by the country. The official figures also do not include the money that foreigners keep in the Swiss banks in the names of entities from different countries.
Earlier, Swiss ambassador to Pakistan Marc Peirre George claimed that his country is no longer a safe haven for internationally laundered black money. He said that it was a mistake in the past, but now the country has a legal order. According to unconfirmed reports, Pakistanis have stashed about $200 billion black money in Swiss banks, but the envoy insisted that the country has developed a legal system which is working quite well to check the inflow of laundered money through the country’s banking system. The ambassador said it is impossible to deposit black money in Swiss banks.
As a matter of fact, Swiss people, despite three national languages and different cultural and geographical disparities, have great level of tolerance and acceptance. The main issue before the people is economy and has one thing in common that is to work for the betterment of the nation. If the government wants to keep the money within the country, it will have to change the laws and give legal cover to the black money. The fight between good and bad will never stop. Therefore, there is no reason to abandon black money to allow it to travel to the Swiss banks.