Pakistanis withdraw illegal money stashed in Swiss Bank Accounts

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Pakistanis withdraw illegal money stashed in Swiss Bank Accounts

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 33 percent to a record low of CHF380 million (Rs63 billion) in 2018, falling below the level of Indian funds for the first time in four years, according to 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, these funds had risen 16 percent.

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

Nothing in the report suggested that the funds are from illegitimate sources. It may be interesting to note that the official figures disclosed by the SNB do not include the money that the foreign clients of Swiss banks might have kept in the name of shell companies.

By: Murtaza Ali Shah