LONDON – Pakistanis withdraw illegal money stashed in Swiss Bank Accounts,media has reported.

Money kept by Pakistani nationals and enterprises in Swiss banks fell by 33percent to a record low of CHF380 million (Rs63 billion) in 2018, fallingbelow the level of Indian funds for the first time in four years, accordingto Swiss National Bank’s annual statistics report released on Thursday.

The Pakistani money in Swiss banks had fallen by over 20 percent in 2017(to CHF1,115 million) and by 6 percent in 2016. Before that in 2015, thesefunds had risen 16 percent.

The report also signals the first time in four years that Pakistan has beensurpassed by its neighbour India, which accounted for over CHF572 million(Rs95 billion).

Nothing in the report suggested that the funds are from illegitimatesources. It may be interesting to note that the official figures disclosedby the SNB do not include the money that the foreign clients of Swiss banksmight have kept in the name of shell companies.

By: Murtaza Ali Shah