Archived Era of bank secrecy ends as Swiss start sharing account data (reuters.com)
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Archived Era of bank secrecy ends as Swiss start sharing account data (reuters.com)
submitted ago by Imtede
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[–] derram ago
https://archive.fo/5TTQt :
'ZURICH (Reuters) - The era of mystery-cloaked numbered Swiss bank accounts has officially come to a close as Switzerland, the world’s biggest center for managing offshore wealth, began automatically sharing client data with tax authorities in dozens of other countries. '
'About 7,000 banks, trusts, insurers and other financial institutions registered with the FTA collect data on millions of accounts and send them on the Swiss tax agency. '
'This lets authorities check whether taxpayers have correctly declared their foreign financial accounts. '
'The annual data swap will expand next year to about 80 partner states, provided they meet requirements on confidentiality and data security. '
'The OECD Global Forum on Transparency and Exchange of Information for Tax Purposes reviews states’ implementation of the accord. '
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