Switzerland ratifies automatic exchange of information with India to help flush out black money

Switzerland ratifies automatic exchange of information with India to help flush out black money

Switzerland has ratified automatic exchange of information(AEOI) sharing with India and 40 other countries to facilitate immediate sharing of details about suspected black money. It, however, sought strict adherence to confidentiality and data security laws. The Swiss Federal Council, the country’s top governing body, in a statement said that the protocol will be implemented next year and the first set of information is planned in 2019.
As per the draft notification approved by the council in its meeting yesterday, the decision is not subject to any referendum — which means there should be no further procedural delay in its implementation.
The issue of black money has been a matter of big debate in India and Switzerland is perceived as one of the safest havens for the illicit wealth allegedly stashed abroad by Indians.

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