Switzerland introduces automatic exchange with another 19 countries

Currently, more than 100 countries have committed themselves to adopt the Automatic Exchange of Information (AEOI) standard, which is aimed to prevent tax evasion and increase tax transparency.

As of January 1^st, 2019, the Swiss Parliament approved the introduction of AEOI with 89 partner- countries. Thus, the network of Switzerland's partner-countries for AEOI includes all EU member-states and the European Free Trade Association, almost all G20 and OECD countries.

Based on the current international situation, another 19 partner-countries will be added to the Swiss AEOI network in 2020/2021.

A proposal has also been sent to the Swiss Parliament to amend the Federal Law and the Decree on the international automatic exchange of information on tax issues in order to take the necessary measures to implement the recommendations of the Global Forum. In particular the amendments related to the responsibilities of financial institutions for due diligence in registering accounts and storing reporting documents. A number of amendments will affect some definitions that will be modified and adapted. Amendments are to be enacted by the Federal Council on January 1, 2021. The consultation procedure for the proposal was launched on February 27^th, 2019 and will last until June 12^th, 2019.

On materials of the following website: https://www.efd.admin.ch/efd/en/home/themen/wirtschaft--waehrung--finanzplatz/finanzmarktpolitik/automatic-exchange-of-information--aeoi-.html