OECD: Data Exchange Between Switzerland and Other Countries to Start in Two Years

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The Swiss Federal Council announced its intention to amend the law regarding the automatic disclosure of bank account information to other countries in accordance with the latest requirements of the OECD Global Forum.

Switzerland started using the OECD Automatic Information Exchange Standard (AEOI) to share account data with certain countries in January 2017. Failure to comply with these requirements would mean being added to the OECD’s blacklist of jurisdictions. It is reported that the amendments should enter into force on 1 January 2021.