Switzerland to Automatically Share Financial Data
Switzerland, the world’s largest offshore financial centre, has pledged automatically to hand the details of foreign bank accounts to other countries in one of the most significant breakthroughs in the global crackdown on evasion.
The declaration, which was signed at the Organisation for Economic Co-operation and Development in Paris, requires countries to collect and exchange information on bank accounts and the beneficial ownership of companies and other legal structures such as trusts.
Switzerland is joining at least 44 countries in signing the agreement, which includes other members of the OECD, the G20 group of leading countries and offshore centres such as the Cayman Islands and Jersey. The global standard has been developed by the OECD and endorsed by the G20.
Editor's Note: Check out this article for more information on the odious FATCA law and here for countries that have signed up for it, as well as those that might not.