Ministry of Finance: The Swiss Federal Council endorses a decision on the automatical exchange information with Ukraine

On 18 May, the Swiss Federal Council decided to approve an agreement on the automatic exchange of information (AEOI) on financial accounts with 12 other partner countries. The entry into force is scheduled for 2023, and the first data exchange will take place in 2024.

In particular, the Federal Council in 2024 plans for the first time to exchange information on financial accounts with Ukraine and other partner countries.

Of the 120 countries and territories that currently comply with the AEOI standard, 12 are not yet part of the Swiss AEOI network. With the expansion of the AEOI network, Switzerland is helping to create a level playing field around the world and effectively combat illicit financial flows.

The relevant order of the Federal Council must be submitted to Parliament for approval at the autumn and winter sessions of this year, which means that the AEIO can work with the above-mentioned partner countries from 2023. In this case, before the exchange of data with these partner countries, the Federal Council will once again check them for compliance with the requirements of the AEIO standard. Thus, it provides for the application of a similar verification mechanism to all the above-mentioned new AEOI partner states, which was adopted by Parliament in December 2017.