Global News

KARACHI: The Swiss parliament has approved the automatic exchange of bank data with 18 additional countries including Pakistan from 2021.

The Swiss Senate on Tuesday followed the House of Representative’s lead and approved a new batch of countries for automatic exchange of financial information (AEOI) paving the way for the Swiss government to provide details of bank accounts held by their citizens (or those with a fiscal residence in Switzerland). 

In return, Switzerland will receive information on banking details of accounts held by Swiss citizens/residents in these partner countries. 

The 18 countries are Albania, Azerbaijan, Brunei, Dominica, Ghana, Kazakhstan, Lebanon, Macau, Maldives, Nigeria, Niue, Oman, Pakistan, Peru, Samoa, Saint Martin, Trinidad and Tobago and Vanuatu. 

Recently the Swiss authorities revealed that they had provided details of around 3.1 million bank accounts held by foreigners (or those with a fiscal residence abroad) to their countries of origin or residence. In return, it received information on banking details of around 2.4 million accounts held by Swiss citizens/residents in 75 partner countries.

It may be recalled that just about a year ago, Switzerland began to pass on data on the bank accounts held by foreigners in Swiss banks to around 30 countries, with an aim to extend the same to a hundred countries.

It is pertinent to mention here that in Nov 2018, Pakistan and Swiss governments signed an MoU enabling exchange of financial information on bilateral basis which will enable Pakistani authorities to seek Swiss bank account details of Pakistanis, in what was described as a major step ahead in bringing back looted wealth.