Switzerland plans to exchange tax data with a dozen more countries
Switzerland plans to extend the network of countries with which it automatically exchanges financial information to 12 other states.
This content was published on December 3, 2021 – 5:15 PM
The government said on FridayExternal link that it proposes to conclude agreements with Ecuador, Georgia, Jamaica, Jordan, Kenya, Montenegro, Moldova, Morocco, New Caledonia, Thailand, Uganda and Ukraine.
The proposal has been sent for consultation with the intention of bringing the new treaties into force on January 1, 2023. The exchange of information is expected to begin the following year.
“With the introduction of the automatic exchange of information with emerging countries and developing economies, Switzerland is committed to respecting international standards to fight against financial crime, tax evasion, money laundering. money and corruption “, we read in a press release.
The Automatic Information Exchange (AEI) model was put in place by the Organization for Economic Co-operation and Development (OECD) to help prevent tax evaders and money launderers from hiding their assets in other countries.
The banks transmit the details of the accounts managed on behalf of foreign clients to the Swiss authorities which transmit this information to the country of origin of the account holder.
The establishment of the AEI system was a major milestone in dismantling the once-legendary Swiss banking secrecy.
Switzerland established the legal basis for such data exchange in 2017 and currently has treatiesExternal link with more than 80 countries and states around the world.