In comparison, the top-ranked UK accounted for more than 26% of the total foreign funds parked with Swiss banks at the end of 2018. The top-five countries alone account for more than 50% 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% of all foreign money in Swiss banks, while the contribution of the top-30 is almost 90%. This is the first time in the last four years that the funds linked to Pakistan in Swiss banks have slipped below that of Indians. Also, with Switzerland putting in place an automatic information exchange framework with India and various other countries, the famed secrecy walls of Swiss banks are said to have crumbled.

Source: dna June 30, 2019 08:48 UTC