Switzerland concedes to give bank accounts’ access to 18 countries including Pakistan

The Swiss government has been considering turkey as well, but they later revealed they weren’t ready for it at the moment.

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The automatic exchange of bank data has been approved by the Swiss parliament to 18 countries across the globe from 2021. Nevertheless, Turkey couldn’t make up on the list.

The automatic exchange of financial data for 18 new countries was approved this Tuesday by the senate. It clearly states that Switzerland will now officially provide the banking details of its citizens or for the ones that are currently residing in Switzerland.

Switzerland, in return, would receive the details of bank accounts owned by its citizens in the partnered countries.

The countries that Switzerland has decided to partner with are as follows, Dominica, Lebanon, Azerbaijan, Vanuatu, Tobago, Peru, Pakistan, Albania, Saint Martin, Samoa, Brunei, Maldives, Macau, Oman, Niue, Nigeria, Ghana, and Trinidad.

The Swiss government has been considering turkey as well, but they later revealed they weren’t ready for it at the moment. Turkey’s incursion into Syria just recently made the Swiss government doubt its ability to protect its data.

Banking information from more than 70 countries:

As for now, Switzerland has been receiving banking information from more than 70 countries, and it shares its information with precisely 63 states. The reason behind not sharing the data with them all is either they don’t meet the confidentiality or data protection requirements.

Apart from that, a few countries including Caicos Islands, Turks, Cayman Islands, British Virgin Islands, and Bermuda, have opted out of receiving the Swiss information.

As per the records, the authorities of Switzerland have provided the banking details of 3.1 million accounts owned by foreign citizens to their respective countries. Whist, it obtained the information of 2.4 million bank accounts owned by Swiss citizens in the partnered countries.

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