FDF said: “The introduction of the AEOI with these countries confirms Switzerland’s international commitment to implementing the AEOI standard.
“Switzerland is thus extending its network of AEOI partner states. This will contribute to strengthening the competitiveness, the credibility and integrity of Switzerland’s financial centre.”
It added: “Important criteria for the acceptance of these countries were in particular the high demands in terms of adherence to the principle of speciality and the safeguarding of confidentiality for the data delivered, which are prerequisites for the introduction of the AEOI.”
Switzerland said the automatic exchange of information with these countries will be implemented based on the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information (MCAA). The MCAA is based on the international standard for the exchange of information developed by the OECD.
Switzerland is already in the process of introducing AEOI in 2017 with all of the EU states including Gibraltar and with Australia. The same applies to Iceland, Norway, Japan, Canada, South Korea and the British crown dependencies of Jersey, Guernsey and the Isle of Man.
“The entry into force of the AEOI with these countries and territories is conditional on approval by Parliament in the 2016 winter session,” FDF said.
From Agencies, Feature image courtesy rediff
