The Swiss Federal Council on October 9 authorised Switzerland’s signature of the convention between OECD countries and members of the Council of Europe on mutual assistance on tax matters, reports NZZ.
Signed by 56 countries, among other measures the convention allows for the exchange of banking information in response to a request or the spontaneous transfer of information in the event of suspicions that an account is being used for tax evasion in another jurisdiction.
Until now, Bern only shared banking information with countries that are Switzerland’s most important economic partners.
From now on, the Swiss state can also help in the fight against tax evasion in other countries, like Moldova and Ghana, which have signed the convention. According to estimates, some €360bn of undeclared money from developing countries is deposited in Swiss accounts.
Was this article useful? If so we are delighted!
It is freely available because we believe that the right to free and independent information is essential for democracy. But this right is not guaranteed forever, and independence comes at a cost. We need your support in order to continue publishing independent, multilingual news for all Europeans.
Discover our subscription offers and their exclusive benefits and become a member of our community now!