BERN: Switzerland government rings alarm bells for Pakistanis having blackmoney in Swiss banks.
In a key development over the issue of the wealth stashed to abroad, theSwiss parliament has approved the automatic exchange of bank data to 18more countries including Pakistan from year 2021, according to a mediareport.
The Swiss Senate followed the House of Representative’s lead and approved anew batch of countries for automatic exchange of financial information(AEOI) including Pakistan, a Swiss newspaper reported.
This means Switzerland will provide the complete bank data held by thecitizens of these countries.
In return, Switzerland will receive information on banking details ofaccounts held by Swiss citizens in these countries.
These 18 countries are Pakistan, Albania, Azerbaijan, Brunei, Dominica,Ghana, Kazakhstan, Lebanon, Macau, Maldives, Nigeria, Niue, Oman, Peru,Samoa, Saint Martin, Trinidad and Tobago and Vanuatu, the report said.
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Turkey was also up for consideration, but the Senate decided it was not yetready for automatic exchange.
So far, Switzerland receives financial data from 75 countries and sharesthe bank data with 63, the report said.
Recently the Swiss authorities revealed that they had provided details ofaround 3.1 million bank accounts held by foreigners to their countries oforigin or residence. In return, it received information on banking detailsof around 2.4 million accounts held by Swiss citizens or residents in 75countries.
