54684
Swiss Age of Banking Secrecy to End
Swiss Age of Banking Secrecy to End

Swiss Age of Banking Secrecy to End

Swiss Age of Banking Secrecy to End

The Swiss government plans to dramatically increase international cooperation on fiscal transparency, sharing private information about clients of the country’s banks.
The automatic exchange of information on bank accounts will be spread to 22 more countries, including Argentina, Mexico, Brazil and Uruguay as well as India and South Africa, according to the Federal Department of Finance, RT reported.
The move aims to put an end to Switzerland’s long-protected banking secrecy practices as well as stopping wealthy foreigners from hiding their undeclared income in the country.
The AEOI system is a global standard introduced by the Organization for Economic Cooperation and Development to fight tax evasion. As part of the regulations, all banks are obliged to send client information to national tax authorities with data on foreign residents to be shared with tax authorities in the customers’ home countries.
Switzerland has been the focus of debate on black money allegedly stashed by foreign residents behind its strong banking secrecy walls.
Consultations will be held next March with the accords expected to come into force by January 2018 and information exchange to start a year later, according to the statement.
The government says, “This will contribute to strengthening the competitiveness, the credibility and integrity of Switzerland’s financial center.”
Switzerland has already agreed to automatic information exchange agreements with 38 other countries, including all of the EU, Gibraltar and Australia. Data sharing will start as soon as the next year.
The Swiss parliament is currently contemplating similar pacts with Canada, Japan, South Korea, Iceland, Norway and the British crown dependencies of Jersey, Guernsey and the Isle of Man.

Short URL : https://goo.gl/fY6VIU
  1. https://goo.gl/zRVWHw
  • https://goo.gl/UKGqCB
  • https://goo.gl/vWP5ty
  • https://goo.gl/3pjcrW
  • https://goo.gl/dc09BO

You can also read ...

Argentina Lacks Options to Defend Peso
With interest rates sky-high and the economy heading for...
Westinghouse Electric, the leading US nuclear fuel producer, said it relies on China for zirconium and zirconium powder  for use in nuclear fuel assemblies
A broad cross-section of US businesses has a message for the...
BMW Seeking Broader China Collaboration
The opening-up is an important policy and German carmaker BMW...
Turkey, Qatar in Currency Swap Deal
The central banks of Qatar and Turkey signed a currency swap...
Vehicle loans have rapidly expanded as cars purchased during a tax rebate scheme for first cars  in 2012-13 have begun to be replaced.
Consumer borrowing is accelerating significantly in Thailand...
Asian Countries Vie to Set Up Crypto Valleys
The race to establish cryptocurrency hubs in Asia is gathering...
International Labor Organization has called for stronger...
UK Business Pessimism Rising
Business leaders’ confidence in the British economy has fallen...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus