The Swiss Federal Council announced the launch of a public consultation on the introduction of the automatic exchange of financial account information (AEOI) with 18 further states and territories. By expanding its AEOI network accordingly, Switzerland is underlining that it is implementing its international obligations, as OECD requires that individual states and territories complement their AEOI network with all partner states that have an interest in the AEOI.
The Federal Council is proposing to expand Switzerland’s AEOI network with additional states as territories. These are the following 18 partner states that are added to another 107 states and territories: Albania, Azerbaijan, Brunei, Dominica, Ghana, Kazakhstan, Lebanon, Macao (China), the Maldives, Nigeria, Niue, Pakistan, Peru, Samoa, Sint Maarten, Trinidad and Tobago, Turkey and Vanuatu. Prior to an initial exchange of data with these partner states, the Federal Council will once again review whether they meet the requirements of the AEOI standard. The focus will be on data security and confidentiality.
The AEOI standard applies to both natural persons and legal entities. The actual beneficial owners of the financial account have to be identified in the application of the OECD standard and the Financial Action Task Force (FATF) recommendations. The information to be transmitted includes account and tax identification numbers, as well as the names, addresses, and dates of birth of taxpayers abroad with an account in a country other than the country of origin, all types of income and account balances.
The consultation will last until 20 March 2019. The Federal Council plans to submit the proposal on the introduction of the AEOI with these partner states to Parliament in spring 2019. The implementation of the AEOI is planned for 1 January 2020, and the first exchange of data should take place in 2021.
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