Switzerland Adopts Dispatch On AEOI With Financial Centres Including Hong Kong And Singapore

The Swiss Federal Council adopted the dispatch on approving the agreements on the automatic exchange of financial account information (AEOI) with Singapore and Hong Kong. The Federal Council is proposing the introduction of the AEOI with other financial centres to Parliament with the same dispatch.

Kicking off AEOI Schedule to Start with HK And Singapore

In October 2017, it was provisionally decided by the Federal Council that the agreements to exchange account information with Singapore and Hong Kong would be applied for the first time in autumn 2019. With the current proposal, the Federal Council is now requesting Parliament’s authorisation to ratify these two agreements. The Federal Council is also proposing to implement the AEOI based on the Multilateral Competent Authority Agreement (MCAA) on the Automatic Exchange of Financial Account Information.

Info Exchange with other Financial Centres

At the same time, the Federal Council is proposing to activate the AEOI with other financial centres on a multilateral basis (MCAA) from 2019. The first sets of data should be exchanged from 2020. The vast majority of the financial centres with which the Federal Council wishes to introduce the AEOI apply the AEOI in a non-reciprocal manner. These countries include Anguilla, Bahrain, Qatar, Kuwait and Nauru which provide data but refrain from data deliveries from their agreement partners. The AEOI is to be introduced on a reciprocal basis with Panama and the Caribbean overseas communities of Netherlands including Bonaire, Saint Eustatius and Saba.

Source: The Federal Council – Switzerland

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