Switzerland's Automatic Information Exchange Regime
Nowadays, 90 countries are continually exchanging information on more than 45 million bank accounts.
According to the results of research conducted by the OECD, this exchange affects the size of deposits in banks that are in tax havens. Financial experts state that banks are faced with a decline in bank deposits by more than 20%.
The government of the Swiss Confederation submitted to the parliament a draft on another 19 countries joining the automatic information exchange programme (EAR). After all required compliance procedures will be carried out, in 2021, Albania, Azerbaijan, Brunei, Dominica, Ghana, Kazakhstan, Lebanon, Macao, Maldives, Nigeria, Niue, Pakistan, Peru, Samoa, Sint Maarten, Trinidad and Tobago, Turkey, Vanuatu and Oman would join the programme.