Switzerland informs bank about Pakistan

Switzerland informs bank about Pakistan

The Swiss Parliament has given Pakistan access to automatic exchange of its financial data starting in 2021 out of eighteen countries.

The development by Switzerland will authorize Pakistan to know how much Pakistani nationals have money in Swiss banks.

According to swissinfo.ch, a news platform created by Swiss Broadcasting Corporation, the Swiss Parliament approved a new batch of countries for the automatic exchange of financial information (AEOI).

This means that Switzerland will provide details of bank accounts held by its citizens (or those having a fiscal residence in Switzerland). Meanwhile, in return, Switzerland will obtain information about the banking details of accounts held by Swiss citizens / residents in these partner countries.

The 18 countries are Albania, Azerbaijan, Brunei, Dominica, Ghana, Kazakhstan, Lebanon, Macau, Maldives, Nigeria, Niue, Oman, Pakistan, Peru, Samoa, St. Martin, Trinidad and Tobago and Vanuatu.

Currently, Switzerland obtains financial data from 75 countries and shares data with 63 countries.

Recently Swiss authorities revealed that they had provided details of about 3.1 million bank accounts to foreigners or people with fiscal residence abroad at their origin or place of residence.

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