Last month, the Federal Council in Switzerland announced that it would be officially implementing the report that was released, regarding the introduction of the automatic exchange of financial information with Jersey, the Isle of Man, Japan, Canada Iceland, Guernsey and Norway which has been submitted to Parliament for approval.
So far, the proposal has been met with prevalent support from all reports. Switzerland signed mutual declarations with the above mentioned jurisdictions at the start of the year in 2016 with a view to increase transparency as per the data sharing scheme. The associated federal decrees were then released for consultation.
The automatic exchange of information with the eight jurisdictions will enter into force at the start of next year in 2017; with the first data exchange to be carried out in 2018, provided all the procedures and final details have been accepted. Switzerland’s first automatic exchange with the European Union and Australia will also take place around that time.
Switzerland intends to then expand the number of countries it regularly exchanges financial information with. It is extremely significant for Switzerland and the Federal Council induce a “level playing field” so to speak, especially with other major financial centre’s, which is a great first step.