An extraordinary leak of data from Credit Suisse, being termed ‘Suisse Secrets’, has opened a new Pandora box involving hundreds of Pakistanis. Credit Suisse, one of the world’s most iconic banks, is exposing how the bank held hundreds of millions of dollars for heads of state, intelligence officials, sanctioned businessmen and human rights abusers, among many others.
The Swiss National Bank’s annual report has made a startling revelation, depicting a fall of 34% since 2017 in money deposited by Pakistanis in Switzerland. The value of CHF 724 million or $738 million calculated in 2018, has decreased 49% since 2015, when Pakistan and Switzerland finalised a revised taxation treaty. This is the lowest amount of deposits since 1996.