More Pakistanis than Indians have money stacked in Swiss Bank accounts: report

More Pakistani than Indians have money stacked in Swiss Bank accounts: report

Pakistan has left India behind when it comes to money stacked in offshore Swiss bank accounts.

A recent report by an Indian newspaper Economic Times 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 Pakistan prime minister Nawaz Sharif have also been listed in these leaks, leading to a demand from the opposition for his resignation.

*CHF is the symbol for Swiss Francs