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Pakistan overtakes India in money stashed in Swiss banks

Swiss account holdings by Pakistani nationals have risen by more than 16 per cent to 1.5 billion Francs, placing it 69th on the list of countries with most money stashed away in Switzerland’s banks.

A new report released by the Swiss National Bank on Thursday 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. Pakistan ranks at 69th, while India has slipped to 75th in terms of money held by its citizens in Switzerland’s banks, while the United Kingdom remains on top.

This included funds amounting to CHF 1,477 million, held directly by Pakistani nationals and entities, and CHF 36 million through fiduciaries or wealth managers.

This is the second straight year the amount of Pakistan-linked funds in Swiss banks has risen, while the same for India has fallen for the second consecutive year and stood at CHF 1,217 million at the end of 2015 — a decline of 33 per cent.

This is the first time in the last three years that the funds linked to Pakistan in Swiss banks have exceeded those held by Indians. Money held by has fallen to a record low of 1.2 billion francs.

Funds held by Indians with banks in Switzerland fell by CHF 596.42 million to CHF 1,217.6 million at the end of 2015, as per the latest data. India was placed at the 61st place last year. It used to be among top 50 countries in terms of holdings in Swiss banks till 2007.

The latest data from the Zurich-based SNB comes at a time when Switzerland has begun sharing foreign client details in relation to ‘evidence of wrongdoing’ provided by some countries.

This article originally appeared on Daily Mail.