Nepal in 109th position to park money in Swiss Banks

Nepal is at the 109th position with on the list of foreign nations whose nationals have parked money in the Swiss banking system, a report released by the Swiss National Bank states.
Last year Nepal was in 112th position, and with the political stability and historically strong two-third majority government instead of improving governance, black money outflow has increased to pull the Nepal’s ranking down by 3 places. 
As for Nepal’s neighbours, India is positioned at the 74th rank in terms of money parked by Indian individuals and enterprises, whereas Pakistan is on the 82nd, Sri Lanka 141st, Bangladesh 89th, Myanmar 187th and Bhutan 193rd.
Meanwhile, the United Kingdom, followed by the United States, has accounted for more than 26 per cent of the total foreign funds. Likewise, other countries in the top five are France, West Indies, and Hong Kong.
According to the Swiss National Bank — the central bank of Switzerland — the amount parked in Swiss banks from across the globe and funds parked in Swiss banks by Nepalis increased by nearly four-fold between 2008 and 2017. In 2008, Nepalis had parked 86.22 million Swiss francs in Swiss banks, while till the end of 2017 such funds rose to 322.88 million Swiss francs. And it has increased again to…
Nepalis are not allowed to transfer funds to foreign bank accounts. But it has seen not stopping. In 2008, Nepalis had parked 86.22 million Swiss francs in the Swiss bank and at the end of 2017 the amount rose to 322.88 million Swiss francs.
Swiss banks maintain strict privacy of account holders, making it difficult to identify individuals parking funds in Swiss banks, but it is assumed that Nepali business people and politicians have been holding such accounts in Swiss banks.
Obviously, the money parked by Nepalis in the Swiss Bank was siphoned off illegally through hundi, over-invoicing in imports and other ways.
Among the top-ranked jurisdictions, the UK is followed by the US, West Indies, France and Hong Kong in the top five, according to the report that states that these countries alone account for more than 50 per cent of the aggregate foreign funds parked with the Swiss banks, while the top-10 account for nearly two-thirds. “The top-15 countries account for nearly 75 per cent of all foreign money in Swiss banks, while the contribution of the top-30 is almost 90 per cent.”
The top-10 countries also include Bahamas, Germany, Luxembourg, Cayman Islands and Singapore.
Among the five-nation BRICS block of emerging economies, India is ranked the lowest while Russia is ranked the highest at 20th place, followed by China at 22nd, South Africa at 60th and Brazil at 65th place in terms of amount of money parked by their residents and enterprises at the end of 2018.
The countries ranked higher than India also include Mauritius (71st), New Zealand (59th), the Philippines (54th), Venezuela (53rd), Seychelles (52nd), Thailand (39th), Canada (36th), Turkey (30th), Israel (28th), Saudi Arabia (21st), Panama (18th), Japan (16th), Italy (15th), Australia (13th), UAE (12th) and Guernsey (11th).
The total money held in Swiss banks by foreign clients from across the world fell by about 4 per cent to 1.4 trillion Swiss Francs in 2018.

Black Money Outflow 
Year -- Funds parked by Nepalis
2008 -- 86.22 million Swiss francs
2009 -- 68.89 million Swiss francs
2010 -- 97.15 million Swiss francs
2011 -- 74.66 million Swiss francs
2012 -- 125.96 million Swiss francs
2013 -- 84.86 million Swiss francs
2014 -- 102.22 million Swiss francs
2015 -- 314.43 million Swiss francs
2016 -- 310.66 million Swiss francs
2017 -- 322.88 million Swiss francs

स्वीस बैंक, कालो धन र लगानीको वातावरण

स्विट्जरल्यान्डका बैंकहरूमा नेपालीको निक्षेप बढेको छ । स्वीस नेसनल बैंक (एसएनबी) ले गत साता सार्वजनिक गरेको २०१७ को वार्षिक प्रतिवेदनका अनुसार सन् २००८ मा त्यहाँका बैंकमा करिब ९ अर्ब (८ करोड ६२ लाख स्वीस फ्य्रांक) बराबरको नेपाली रुपैयाँ रहेकोमा १० वर्षमा चार गुनाजति बढेर करिब ३३ अर्ब (३२ करोड २८ लाख स्वीस फ्य्रांक) पुगेको छ । नेपालमा स्वीस बैंकको प्रसंग आउनासाथ कालोधनसँग जोडेर चर्चा गरिए पनि स्वीस बैंकमा रहेको सबै निक्षेप कालो धन भने हुँदैन ।
एकातिर नेपालका बैंकमा लगानीयोग्य रकमको अभाव प्रत्येक वर्ष दोहोरिइरहँदा निक्षेपकर्ताका परिचय नखुलेको स्वीस बैंकको पैसाले गैरकानुनी आर्जनको रकम हुन सक्ने प्रशस्त आधार भने दिएको छ । गोपनीयताकै कारण स्वीस बैंक संसारभरको कालोधन जम्मा हुने बैंकको रूपमा परिचित भएकाले पनि विश्वभरबाट कमिसन तथा भ्रष्टाचारजन्य क्रियाकलापलगायतबाट आर्जित गैरकानुनी आर्जन तथा कर छल्नका लागि स्वीस बैंकमा रकम जम्मा गर्ने होड चल्ने गर्छ ।
अवैध सम्पत्तिको त कुरै छोडौं, नेपाली कानुनअनुसार वैध रकम पनि नेपाली नागरिकले नेपाल राष्ट्र बैंकलाई जानकारी नगराई विदेशी बैंकमा राखेको प्रमाणित भए जरिवानासहित कैद सजाय हुने कानुनी व्यवस्था छ, तर पनि स्विट्जरल्यान्डको केन्द्रीय बैंकका अनुसार स्वीस बैंकमा अवैध ढंगले आर्जित गरि लुकाएर पैसा राख्ने विश्वका २०० मुलुकमा नेपाल १०९ औं नम्बरमा छ ।
पञ्चायतकालका अन्तिम वर्षहरूमा नेपालका सडकमा पम्फादेवीको नामका धेरै नारा लगाइन्थे । तत्कालीन राज्यशक्तिको केन्द्रमा रहेकी एक महिला पात्रलाई नेपालीको सम्पत्ति अवैध रूपमा स्वीस बैंकमा लगेर आफ्नो नाममा राखेको भन्दै सडकदेखि सदनसम्म नारा लगाउनेहरूमध्ये धेरैजना हाल मन्त्री भैसकेका छन्, तर ती महिलापात्र विस्मृतिमा पुगिसकेको अवस्थामा आज सत्ता जनताको हातमा छ र स्वीस बैंकमा बर्सेनि अबैध सम्पत्ति बढिरहेको छ । कसको हो त त्यो सम्पत्ति ? प्रश्न सरल छ तर उत्तर जटिल ।
नेपालजस्ता अति कम विकसित मुलुकदेखि अमेरिकाजस्ता विकसित राष्ट्रहरूका विशेषतः विभिन्न नेता, व्यवसायी, कलाकारलगायतकाले अकुत सम्पत्ति स्वीस बैंकमा थुपार्ने विषय नौलो नभए पनि पछिल्ला दिनमा यस्ता अकुत सम्पत्ति स्वीस बैंकमा थुपार्ने क्रम बढिरहेको तथ्यांकले देखाएकाले अवैध सम्पत्ति कानुनी रूपमा लुकाउन स्वीस बैंक प्रयोग बढिरहेको स्पष्ट छ । झन् नेपालजस्ता अल्पविकसित तथा कानुनलाई बटारेर आफ्नो स्वार्थमा प्रयोग गरिने सकिने देशहरूबाट अकुत सम्पत्ति थुपारिनु नौलो विषय नभए पनि यसले देशमा व्यावसायिक वातावरण नभएको तथा राजनीतिक दलका नेता भ्रष्टाचारको आहालमा चुर्लुम्म डुबेको सहजै अनुमान लगाउन सकिन्छ ।
कमिसन तथा भ्रष्टाचारजन्य क्रियाकलापबाट आर्जित धन देशभित्रै राख्दा कुनै असल र स्वच्छ छविको नेताको उदयले कानुनी रूपमै जफत हुने र कारबाहीमा परिने खतरा मोल्न नचाहेर स्वाभाविक रूपमा गोपनीयता कायम रहने विदेशी बैंकमा थुपार्नु नौलो कुरा रहेन । तर, एक दृढ निश्चयी तथा साँचो अर्थमा राष्ट्रवादी नेतृत्वको सरकार कुनै दिन यस देशमा बनेछ भने संविधान र कानुनअनुसार कारबाही त हुन्छ नै । विदेशको त कुरै छोडौं, पछिल्ला एक दशकमा नेपालभित्रै पनि धेरै असम्भवझैं लाग्ने घटनाहरू सम्भव भइसकेका छन् । यस्तै, गत साताको मलेसियाको घटना नेपालको सन्दर्भमा एउटा गतिलो उदाहरण हुनसक्छ । मलेसियाका पूर्वप्रधानमन्त्री नाजिव रज्जाक गत साता पक्राउ परे । भ्रष्टाचार अनुसन्धान गर्ने निकायले उनलाई मंगलबार पक्राउ गरेको थियो । सरकार भ्रष्टाचारमा लिप्त भएपछि गत महिनामात्र मलेसियामा ९२ वर्षीय महाथिर महोम्मद फेरि प्रधानमन्त्री चुनिएका थिए । महाथिरले निर्वाचनमा आफ्नै पार्टीका नाजिवलाई पराजित गर्दै प्रधानमन्त्रीमा निर्वाचित भएका हुन् । मलेसियामा बढ्दो भ्रष्टाचारसँगै महाथिरले आफ्नै पार्टीका नाजिवविरुद्ध नयाँ पार्टी स्थापना गरी आन्दोलन छेडेका थिए ।
मलेसिया स्वीस बैंकमा धेरै रकम जम्मा गर्ने देशको सूचीमा पाँचौ स्थानमा रहेको छ । यस्तै, स्वीस बैंकमा धेरै रकम आउने देशमा पहिलो नम्बरमा चीन पर्छ । चीनपछि रूसबाट धेरै रकम आउने गरेको स्वीस बैंकको प्रतिवेदनले देखाएको छ । त्यसपछि धेरै रकम आउने देशमा मेक्सिको तेस्रो र छिमेकी भारत चौथो स्थानमा छ ।
संयुक्त राष्ट्रसंघको तथ्यांकअनुसार विकासशील देशबाट मात्रै वार्षिक १ खर्ब डलर रकम स्वीस बैंकमा जम्मा हुने गर्छ । पछिल्ला १० वर्षमा विकासशील देशबाट बाहिरिएको रकम ती देशहरूले प्राप्त गर्ने आर्थिक सहयोग र प्रत्यक्ष वैदेशिक लगानी भन्दा धेरै रहेको पनि राष्ट्रसंघले जनाएको छ ।
अर्थात्, जुन देशमा भ्रष्टाचार धेरै छ, लगानीको वातावरण छैन र सत्ताको आडमा अकुत सम्पत्ति कमाउन सकिन्छ त्यस्ता गैरकानुनी आर्जन सहजै नक्कली कम्पनीको नामबाट ट्याक्स हेभेन देशका कम्पनीमार्फत स्वीस बैंकमा जम्मा गरिन्छ । यसको अर्थ विकसित देशबाट स्वीस बैंकमा पैसा जम्मा हुँदै न भन्न खोजिएको होइन, तर प्रतिवेदन सरसर्ती हेर्दा अविकसित अवस्थामा रहेका देशहरूबाट यस्तो अवैध रकम गैरकानुनी रूपमा बाहिरिने क्रम बढिरहेको देखिन्छ ।
नेपाललगायतका विकासशील देशहरूमा स्वीस बैंकमा पैसा पुर्याउन ‘हवाला कन्ट्र्याक्टर’ अर्थात् ‘मध्यस्थ ठेकेदार’ रहेका हुन्छन् । भारतीय पत्रिकाहरूका अनुसार, भारतमा यस्ता ठेकेदारहरूले केही कमिशन लिएर जुन देशमा जुन व्यक्तिको बैंक खातामा पैसा पठाउन चाहेको हो त्यस खातामा पैसा पुर्याउने काम गर्छन् । यस्ता ‘मध्यस्थ ठेकेदार’हरू नेपालजस्ता देशमा पनि जोसुकै सत्तामा रहे पनि निरन्तर सत्ताकै वरिपरि भेटिनु अचम्म होइन ।
यसरी अवैध रूपमा कालोधनलाई लुकाउन वा सेतो बनाउन धेरैजसो राजनीतिक व्यक्तिलाई आवश्यक पर्छ । किनकि स्रोत नखुलेका कमिसन वा भ्रष्टाचारजन्य क्रियाकलापबाट आर्जित अकुत धन देशभित्रै राख्दा कुनै पनि दिन सत्ताको उलटफेरमा गुम्न सक्ने खतरा रहेकोले पछिल्ला वर्षहरूमा अकुत सम्पत्ति देश बाहिर राख्ने चलन चलेको बढेको देखिन्छ ।
अर्को, व्यवसायीहरू पनि स्वीस बैंकमा अकुत सम्पत्ति राख्ने गरेको बताउँछन्, तर जसरी २०४६ सालपछि बनेका कुनै पनि सरकारले पम्फादेवीको स्वीस बैंकको सम्पत्तिका बारेमा कुनै प्रमाण प्रस्तुत गर्न सकेनन्, त्यस्तै व्यवसायीले स्वीस बैंकमा पैसा राख्ने बजार हल्ला पनि जनतालाई झुक्याउन वा पपुलिस्ट हुन मात्रै चलाइएका हुन् भनेर किन नभन्ने ।
२०५२ सालदेखि नेपालमा सुरु भएको माओवादी द्वन्द्वले सयौंको संख्यामा नेपाली उद्योगमा मजदुरलाई शोषण गरेको नाममा आफ्नो राजनीतिक स्वार्थ पूरा गर्न ताला लगाउनेदेखि आगो लगाउनेसम्म गरे । उद्योगी–व्यवसायीहरू त्यसपछि कम जोखिम भएको व्यापारतिर लागे, उद्योग खोल्न छोडे । हैन भने नेपालमा कुनै समय प्रतिष्ठित घरानाबीच उद्योग खोल्ने होडबाजी नै चलेको थियो । केही उग्र विचारधारा बोक्ने दलका कार्यकर्ताहरूले दोषरोपण गरेझैं उद्योगी–व्यवसायीले मानौं कर छलेका नै रहेछन् भने पनि यदि देशमा औद्योगिक वातावारण छ भने उक्त पैसाबाट उद्योगीले फेरि अर्को उद्योग खोल्छ र रोजगारी सिर्जना गर्छ ।
तर राजनीतिक प्राणीले भने अवैध रूपमा कमाएको सम्पत्ति देखाउन पनि नमिल्ने र नेपालभित्रका बैंक तथा वित्तीय संस्थामा राख्न पनि नमिल्ने कारणले विदेश पलायन गर्ने गर्छ । नियमित लोडसेडिड, लगातारको मजदुरको आन्दोलन, महँगो तर चाहिएझैं योग्यता तथा सीपविहीन कामदार, नियमितझैं नेपालबन्दजस्ता कारणले पछिल्लो एक दशकमा नेपालमा औद्योगिक वातावरण थिएन, उद्योगधन्दा बढेका थिएनन्, युवाहरू रोजगारीको लागि खाडी तथा मलेसिया पलायन भइरहेको थिए, तर उच्च राजनीतिक नेतृत्वको सम्पत्ति भने बढि नै रहेको थियो र बढिरहेको थियो— स्वीस बैंकमा पछिल्लो एक दशकमा नेपालीको निक्षेप चार गुनाले, घामझैं झर्लङ्ग छैन र ?
यस्तै, देशभित्रै पनि कालो धनलाई सेतो बनाउन सम्पत्ति शुद्धीकरणमार्फत दायर भएका मुद्दामा सरकार धमाधम हार्दै गइरहेको छ र सानादेखि ठूला डन फटाफट अदालतबाट शुद्धीकरण हुँदै निस्किरहेका छन् । अन्तर्राष्ट्रिय दबाबले गर्दा नेपालले जबर्जस्ती ल्याउनुपरेको सम्पत्ति शुद्धीकरण ऐन, कानुन तथा विभागको हालत के छ, त्यो पनि सबैलाई थाहा छ ।
यसै सन्दर्भमा, केही वर्षअघि कालो धनबारे संसद्को अर्थसमितिले यसबारेमा छलफल पनि चलाएको थियो । तत्कालीन संसदीय समितिका सदस्यहरू हाल मन्त्री भइसक्नुभएको छ ।
नेपालमा आजका प्रगतिशील तथा प्रजातन्त्रप्रेमी सबै राजनीतिक दलका कार्यकर्ताले पञ्चायतलाई गाली गर्दा भन्ने सबैभन्दा प्रचलित एउटा शब्द थियो, ‘प्रतिक्रियावादी राज्यसत्ता’ । करिब ७ दशक लामो राजनीतिक संक्रमण सकिएर स्थिर सरकार बनेपछि नेपालीको आशा अब आर्थिक क्रान्ति हुन्छ र समृद्ध नेपाल बन्छ भन्ने अझै छ । तर, सरकारका पछिल्ला गतिविधि हेर्दा प्रगतिशील राजनीतिक दलको सरकार पनि प्रतिक्रियावादी हुन लागेको त होइन भन्ने ठूलो आशंका उठेको छ । दशकौंदेखि बालुवाटारको प्रतिक्रियामात्र सुनेका र भोगेका तर क्रिया नदेखेका नेपालीका लागि करिब दुईतिहाइको बहुमतको सरकारले केही क्रिया गर्ला, देशमा काम गरेर खाने वातावरण बन्ला, देशभित्रै रोजगारी सिर्जना होला भन्ने आस गर्नु अपराध त होइन होला । तर, सरकार समृद्धिका गफ मात्रै गर्ने, समृद्धिका लागि गर्नुपर्ने अत्यावश्यक व्यावाायिक वातावरण बनाउन चाहिने कानुन निर्माणजस्ता क्रिया गर्न छोडेर समाज तथा बजारमा भएका क्रियाकलापमा प्रतिक्रिया मात्रै गरिबस्दा नेपाल कसरी समृद्ध हुन्छ, प्रश्न सोध्न त पाइन्छ नि ?

Policy harmonisation needed to curb flow of dirty money

Greater policy harmonisation among government agencies has been urged to curb the flow of dirty money.
As some world leaders have resigned and others are under pressure to resign over the Panama Papers leak concerning international illicit money flows, government agencies in Nepal have also started debating policy harmonisation. "Nepal Investment Board approves mega foreign investments but it now has to be extra careful to investigate backgrounds before approving foreign investments," according to a high source at the Department of Money Laundering Investigation (DMLI).
Likewise, apart from cross checking foreign investments, banks and financial institutions also have to check the backgrounds before handling any transactions or opening accounts for foreign or domestic investors, the source said, adding that Article 6 of the Anti-Money Laundering Act has restricted the opening of accounts for shell companies – offshore bogus companies – and carrying out any transactions with them. "If found out, the banks and financial institutions will be punished under the Act."
Though banks and financial institutions already have to report transactions of over Rs 1 million or suspicious transactions to the Financial Information Unit (FIU) under the central bank, the Panama Papers leak has again raised a serious question over the possibility of such institutions becoming involved 'unknowingly'.
Banks and financial institutions have to be extra careful now, the source said.
Likewise, the government has also to seriously take stock of registered companies to curb the flow of dirty money, the official suggested. "Though Nepal has committed itself to curb the flow of dirty money – earnings through corruption, tax evasion and black marketing – the government itself is promoting black marketing and institutional corruption, and this could damage the economy in the long run."
Meanwhile, the DMLI today called on stakeholders including the revenue administration, the central bank's Financial Information Unit (FIU) and the police, to discuss the possibility of dirty money flowing into the country from offshore shell firms, and also the possible Nepali names in the Panama Papers leak.
Along with the DMLI, the FIU and the Department of Revenue Investigation (DRI) are the key government agencies that deal with issues of money laundering, terrorism financing and foreign exchange misappropriation.
According to DMLI chief Damodar Regmi, the meeting discussed the seven Nepalis fingered by the Panama Papers leak. "We are seriously discussing financial connections, transactions and the possibility of tax evasions," he said, adding that the department has also restarted the profiling of suspicious names that could be in the Panama Papers although the leak has not identified any of the names. "It has, however, claimed that the names will be published in May," Regmi added.
Last year also, the central bank, the DRI and DMLI had tried to investigate names that had figured in rumours following revelations of illegal outflow of money to a Swiss Bank.
Such investigations are very tricky, Regmi said, adding that without any authentic information it's impossible to track the flow of dirty money and the activities of bogus companies. "However, we have restarted the process of profiling names and restarting investigations," he added.
As Nepal has been seeing a steady rise in FDI commitments from the countries identified by the ICIJ as tax havens, the DMLI has said that it will now step up surveillance for FDI coming from these tax havens. There is a need of in-depth investigation, given the huge foreign direct investment (FDI) entering Nepal from tax havens in recent years, Regmi said, adding that statistics from the Department of Industry (DoI) reveals that of the total FDI commitments till last fiscal, about 20 per cent were from tax havens.
The rise in money entering Nepal from tax havens has raised question that it could be illegal money stashed abroad by Nepalis, though the government departments have no proper records of such money.
Apart from enhancing the supervisory capacity to monitor FDI commitments, the government agencies like the DoI and the Office of Company Registrar (OCR) should work together to fight the flow of dirty money.
Regmi said that now onwards the DMLI will adopt 'risk-based supervision system', instead of launching investigating after the incident of money laundering surfaces. But, the DMLI has any success success so far in investigating money laundering cases. The department has not filed any any case against money launderers at the Special Court in the current fiscal year, neither had it filed any case in the last fiscal year too.
Since its establishment some five years ago, the department had filed only 30 money laundering cases at the Special Court. The DMLI was established in 2011 after a huge international pressure on the government. The government had committed the Financial Action Task Force (FATF) – a global anti-money laundering body – that it would approve the anti money laundering act in line with global fight against the fight to dirty money flow.
The department has to be strengthened to get result against the cases of money laundering.
Currently, the department has been probing 700 cases and 200 of them are in 'advanced stage', according to Regmi.

Panama papers finger seven Nepalis, identity still unknown

There has been no end to illegal outflow of money accumulated through tax evasion and corruption, according to international investigations.
The International Consortium of Investigative Journalists (ICIJ) yesterday disclosed that there are seven Nepalis, who are shareholders in offshore firms in tax havens. The ICIJ investigation has, however, not revealed any names, though the documents do name a company, Nepal Ventures Limited. Details about the company – either it is a real Nepali company or the name only is Nepal Ventures – have not been provided.
The prolonged political transition in Nepal has made it easier for domestic and foreign firms operating in Nepal to swindle money out of the country, according to an investor, who does not wish to be named. "They have been evading tax and sending the illegal funds to offshore firms," he said. He, however, claimed that detailed investigations by the Department of Money Laundering Investigation (DMLI) could expose the outflow of money accumulated through tax evasion and massive corruption, if the government has the political will to investigate. "The probe will expose the nexus between politicians, bureaucrats and business people."
Unstable governments and policies due to political transition and weak governance, coupled with a lack of political will to crack the whip on corruption have encouraged the illegal outflow of money, according to him.
ICIJ, a nonprofit based in Washington DC, has published a report on the offshore financial dealings of 128 of the world's rich and famous. The report has been prepared after long and extensive investigations by an international coalition of media outlets is based on documents provided by an anonymous source.
According to the ICIJ, as many as 72 world leaders from Russian president Vladimir Putin to Pakistani prime minister Nawaz Sharif and Indian actor Amitabh Bachchan have hidden their assets in the offshore companies.
The German newspaper Süddeutsche Zeitung received 11.5 million encrypted internal documents of a Panama-based law firm, Mossack Fonseca, spanning between 1970s and 2016, and shared them with the ICIJ. The leak thus dubbed the 'Panama Papers' contains mostly emails, PDF files, and photo files belonging to Mossack Fonseca, one of the largest providers of offshore financial services.
A global network with 600 people working in 42 countries, the law firm operates in tax havens including Switzerland, Cyprus and the British Virgin Islands, and in the British crown dependencies of Guernsey, Jersey and the Isle of Man.
British Virgin Islands is one of three key investment sources - after India and China - for Nepal, according to latest data.
The central bank had freezed Rs 3.5 billion that entered Nepal in the name of Mukti Shree Group, suspecting back channeling of black money.
Earnings from corruption and tax evasion is sent to offshore firms and back channeled to the country in the name of loans, according to business people.
Most of the services the offshore industry provides can be used for legal purposes and by law-abiding customers. "But the documents show that banks, law firms and other offshore players often fail to follow legal requirements to make sure clients are not involved in criminal enterprises, tax dodging or political corruption," the papers read, adding that the files show how these fixers and middlemen protect themselves and their clients by concealing suspect transactions. "In some instances, they work to head off official investigations by backdating and destroying documents."
Last year also, the central bank, the Revenue Investigation Department (RID) and the Department of Money Laundering Investigation tried to investigate suspects, after yet another revelation of illegal outflow of money in a Swiss Bank.
However, we could not find any authentic information, said one of the investigation officer not wanting to be named.
The central bank wrote to RID to look into the matter, the official said, adding that the countries where such bogus companies have been registered are not compelled to provide information, nor can the banks be forced to share their clients' details.
Likewise, the Department of Money Laundering Investigation had also started to profile names that were under suspicion. "But due to lack of Double Taxation Avoidance Agreements (DTAA) and bilateral agreements to share banking information, our investigation reached nowhere," the investigating official shared.