Almost 100 countries including Switzerland and Japan has declared to adapt the new global standard for the automatic exchange of information(AEOI), which aims to inhibit cross- border tax evasion.
As this regulation will apply to all, it allows for an equal basis in the competition between financial centers, and is a crucial tool to combat tax evasion internationally.
Bank client confidentiality will not be affected by the implementation of AEOI.
The legal foundations for introducing the AEOI were submitted to the Federal Assembly for approval in June 2015. The standard should come into force on 1 January 2017 so that data can be collected from 2017 and exchanged from 2018.