A recent report by an Indian newspaper Economic Times reveals that Pakistan has left India behind when it comes to money stacked in offshore Swiss bank accounts.
The report claims that money kept by Pakistani nationals in Swiss banks has risen by 16 percent, to 1.5 billion francs, exceeding that of Indians.
Data released by Switzerland’s central bank SNB (Swiss National Bank) states that the total funds linked to Pakistan in Swiss banks stood at CHF 1,513 million at the end of 2015, up nearly 16 per cent from CHF 1,301 billion a year ago. The amount included CHF 1477 million owned directly by Pakistani nationals and entities and CHF 36 million through wealth managers.
This is the second year in a row Swiss bank funds owned by Pakistanis have risen. On the other hand, funds owned by India have declined for the second consecutive year by 33 percent.
Several other countries saw their funds falling as a global campaign against banking secrecy gained momentum.
Money of US clients in Swiss banks fell to CHF 195 billion in 2015 from CHF 244 billion in 2014. Funds owned by UK clients rose from CHF 321 billion to CHF 345 billion.
These official figures released by SNB do not include funds of clients owned by shell companies. As a result, these figures do not detail black money that has created major political debate in both India and Pakistan.
The Panama Papers, 11.5 million leaked documents which reveal how the wealthy and powerful manage to evade taxes by keeping their money stacked in offshore accounts, has created debate globally.
Names of the family of Prime Minister Nawaz Sharif have also been listed in these leaks, leading to a demand from the opposition for his resignation.
India's deposits in the Swiss banks has reduced by 33% whereas deposits of the Pakistanis has increased by 16%. That tells a lot about the loose control of the Pakistani authorities on the flight of the capital from the country. And that happened during the last two years – courtesy PML(N) government. We have not heard of any 'money-mules' working for high ranking 'sponsors' in India. We have 25 recognized including Ayan Ali. One can see how Ayan ali is being defended and the courts are helpless too.
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