Wildly exaggerated numbers have been floated on the amount of black money belonging to Pakistanis lying in Swiss banks.
The claims with regard to such sums of money stashed abroad are being made a) without supporting evidence; b) without making a distinction between Pakistanis resident abroad and earning incomes there and those resident here and earning the bulk of their incomes from economic activities within the country; or c) without distinguishing between what could be white (and already declared as such for tax purposes by the person holding a deposit in a Swiss bank) or black.
Moreover, officialdom seems to be confident that it can demand of the Swiss to hand over its money.
Unfortunately, however, tax evasion is not a crime under Swiss laws!
Wealthy individuals seek professional assistance from investment bankers to manage their funds which they transfer to accounts in foreign locations.
In today’s world money maintained in Swiss banks can be shifted swiftly to other off-shore tax and other havens and invested in other financial and non-financial assets or brought back to Pakistan to conduct a fresh round of business operations.