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.
This content was published on
1 minute
swissinfo.ch/mga
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.
Popular Stories
More
Swiss Abroad
Aussie adoptee gains Swiss citizenship at 54 thanks to old envelope
Should Switzerland take measures to support its struggling industries?
Industrial policies are back in fashion, not only in the United States but also in the EU. Should Switzerland, where various industries are struggling, draw inspiration from such policies?
Centre Party president rules out run for Swiss government post
This content was published on
Outgoing Centre Party president Gerhard Pfister will not join the race to replace defence minister Viola Amherd in the Swiss government, the politician announced on Saturday.
This content was published on
Ernst Ostertag is a pioneer for the legal equality of homosexual people in Switzerland. In an interview with "SonntagsBlick" on the occasion of his 95th birthday, the Zurich native explains what bothers him about the Woke movement.
Several hundred people join anti-WEF protests in Switzerland
This content was published on
Several hundred opponents of the World Economic Forum gathered in Graubünden and in the capital Bern on Saturday to take aim in particular at the WEF's high-profile guests.
Swiss skiers nab top spots in iconic Lauberhorn race
This content was published on
Swiss skier Marco Odermatt has won the Lauberhorn downhill ski race in Wengen, Switzerland, for the third time, just ahead of compatriot Franjo von Allmen.
Switzerland’s neighbours are ‘not role models’ in fiscal policy, says finance minister
This content was published on
Swiss finance minister Karin Keller-Sutter defended the country's compliance with the debt brake at a meeting of her party, the Radical-Liberals, on Saturday.
Pope Francis praises Swiss Guards’ patience with pilgrims
This content was published on
During a private audience on Saturday, Pope Francis praised the Swiss Guards for their "great patience" with pilgrims who visit the Vatican.
Swiss designer Kevin Germanier to design outfits for Eurovision presenters
This content was published on
Designer Kevin Germanier will dress the team of presenters at the 2025 Eurovision Song Contest, which takes place in May in Basel.
Swiss President Karin Keller-Sutter makes official visit to Austria
This content was published on
Karin Keller-Sutter, who took over the rotating Swiss presidency this year, has made her first official visit abroad as president to Austria.
This content was published on
The boss of Swiss Post, Roberto Cirillo, is stepping down at the end of March after six years in the job, the company announced on Friday.
This content was published on
The name and logo of the former Credit Suisse headquarters at Paradeplatz 8 in Zurich's financial centre were officially replaced by those of UBS on Friday.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Swiss banks don’t want to deal with dirty money
This content was published on
Brunetti is a professor of economic policy and regional economy at the University of Bern. He headed two expert groups on the strategic repositioning of the Swiss finance industry and has led the government’s advisory committee on the future of the Swiss finance industry since March 2015. swissinfo.ch: Only three years ago it was considered…
Parliament approves the automatic exchange of tax information
This content was published on
Soon, Swiss banking secrecy will no longer protect foreign clients after the Senate on Monday rubber stamped a reform allowing the automatic exchange of tax information (AIE) with selected countries.
This content was published on
G20 finance ministers meeting in Australia have put their seal of approval on the global standard for automatic exchange of tax information (AIE).
This content was published on
According to information released in July by the Federal Tax Administration, the number of voluntary disclosures increased from 149,508 in 2014 to 328,860 in 2015. Switzerland’s neighbours Germany, France and Italy were the most cooperative making up the top three. Other significant information sharers were Spain and the UK. At the same time, the amount…
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.