For the first time Switzerland will provide data on automatic exchange with the Russian Federation

On August 14^th, after a meeting of the Swiss Federal Council, it was officially confirmed that in September Switzerland will exchange information on bank accounts of foreign residents for the first time under CRS with 33 partner-countries for automatic exchange. One of these countries will be Russia.

The AEOI (automatic exchange of financial account information) compliance mechanism was approved even in May of this year, after which it was sent by the Federal Department of Finance to the committees for consultation. So the committees had the opportunity to give any recommendations on partner-states before the upcoming exchange.

During the consultations, the economic and tax committees raised various topics, however, the Federal Council didn’t receive recommendations that some countries should not be provided with information. Thus, the first exchange of information will take place in September this year.

On materials of the following website: https://www.efd.admin.ch/efd/en/home/dokumentation/nsb-news_list.msg-id-76073.html