Swiss Council Adopts Dispatch On AEOI With 41 States And Territories

The Federal Council adopted the dispatch on the introduction of the automatic exchange of financial account information (AEOI) with 41 states and territories. At the same time, Swiss banks informed they will keep a close watch on data protection measures taken by countries.

Implementation of the Dispatch

The AEOI will be implemented with each individual state or territory with a specific federal decree within the framework of this dispatch. Following the comments made during the consultations, the federal decree envisages that the Federal Council will prepare a situation report before the first exchange of data.

Implementation is planned for 2018, and the first sets of data should be exchanged in 2019. This will give Switzerland enough time to study the implementation by other global financial centres and to check whether the states and territories concerned effectively meet the confidentiality and data security requirements. 

Swiss Banks Warn over Secrecy

Swiss Bankers Association (SBA) informed that the banks have suggested a specific clause for data protection, security and to guarantee a level playing field in terms of competitiveness. SBA's Head of Public Relations Sindy Schmiegel said that the clause will be integrated in Swiss legal provisions to implement the AEOI.

"We would like to ensure that bank data that will be transmitted in 2019 is used for tax verification purposes only... if data received from another country has been misused in a jurisdiction, Switzerland is unlikely to send data to that jurisdiction," Jan Langlo, Manager at Association of Swiss Private Banks informed.

Sources: Swiss Finance Department, Times of India

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