Switzerland eyes tax data exchange with dozen more countries
Ukraine is one of the 12 countries thrashing out deals to automatically exchange financial information with Switzerland.
Keystone / Sergey Dolzhenko
Switzerland plans to expand the network of countries with which it automatically exchanges financial information to include another 12 states.
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The government said on FridayExternal link that it proposes to conclude deals with Ecuador, Georgia, Jamaica, Jordan, Kenya, Montenegro, Moldova, Morocco, New Caledonia, Thailand, Uganda and Ukraine.
The proposal has been sent out for consultation with the intention of bringing the new treaties into force on January 1, 2023. It is foreseen that the exchange of information will start flowing the following year.
“With the introduction of the automatic exchange of information with emerging market and developing economies, Switzerland is committed to international standards to combat financial crime, tax evasion, money laundering and corruption,” read a statement.
The automatic exchange of information (AEI) model was set up by the Organisation for Economic Cooperation and Development (OECD) to help prevent tax cheats and money launderers from hiding their assets in other countries.
Banks pass on details of accounts operated on behalf of overseas clients to the Swiss authorities who channel this information to the home country of the account holder.
The establishment of the AEI system was a major landmark in dismantling the once fabled Swiss banking secrecy.
Switzerland set up the legal basis for such an exchange of data in 2017 and currently has treatiesExternal link with more than 80 countries and states around the world.
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