According to a media report, the Swiss parliament has approved the automatic exchange of the bank data to several countries from the year 2021.
As per the details, Switzerland to exchange bank data to 18 more countries including Pakistan. The Swiss newspaper reported that the Swiss Senate followed the House of lawmakers’ lead and approved a new batch of countries for Automatic Exchange of Financial Information (AEOI) including Pakistan.
The further detail of this development is that Switzerland will provide the complete bank data held by the citizens of these countries.
In return for the information, the government of Switzerland will receive information on banking details of the accounts held by the Swiss citizens in these countries.
According to the media report, the names of the countries are Pakistan, Albania, Azerbaijan, Brunei, Dominica, Ghana, Kazakhstan, Lebanon, Macau, Maldives, Nigeria, Niue, Oman, Peru, Samoa, Saint Martin, Trinidad and Tobago, and Vanuatu.
The report further said that Switzerland, so far, receives the financial information from as many as 75 countries and share the financial details of the bank data with 63.
It is pertinent to mention here that Turkey was also up for the consideration, but the Swiss Senate has decided that it wasn’t yet ready for the Automatic Exchange of Financial Information (AEOI).