In this information, from name and address to account balance; Will assist in the investigation of money laundering. India gets 4th set of Swiss bank account details
India got the fourth set of Swiss bank details. Under the annual Automatic Exchange of Information (AEOI), Switzerland has shared details of about 34 lakh financial accounts with 101 countries. India received the first details from Switzerland under the EAR in September 2019, when it shared information with 75 countries.
The data will be useful in terrorist financing investigations
The details shared with India are linked to hundreds of financial accounts, including multiple accounts. This data will be used to investigate wrongdoing such as tax evasion, money laundering and terrorist financing. This exchange took place last month and the next round of information will be shared by Switzerland in September 2023.
From name-address to account balance information
Switzerland had agreed on an AEOI with India after a long process, including a review of the legal framework required in India on data protection and privacy. The data exchanged includes name, address, country of residence and tax identification number as well as account balance and capital income information.
Most Businessman Related Details
According to experts, the AEOI data received by India has been very helpful in building a strong case against those with unaccounted for assets. The data contains complete information on deposits and transfers as well as all income. Includes investments in securities and other assets.
On condition of anonymity, officials said most of the details related to the businessman. It also includes details of NRIs who have now settled in several Southeast Asian countries as well as the United States, United Kingdom and even some countries in Africa and South America.
Five new countries have been included
The Federal Tax Administration (FCA) has indicated that this year five new countries have been added to the list of information exchanges. Among them are Albania, Brunei Darussalam, Nigeria, Peru and Turkey. The number of financial accounts has increased by about one lakh.
What is a Swiss account?
All banks in Switzerland have the right to open bank accounts under Section 47 of the Privacy Act of the Federal Banking Act. If someone has not committed any crime in Switzerland, the bank has not shared any information about it. However, in 2017, after pressure from the global community, the law was relaxed and information began to be shared.
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