Federal Council informed of results of parliamentary commissions' consultation on review mechanism report
Bern, 14.08.2019 - At its meeting on 14 August 2019, the Federal Council was informed of the consultations of the Economic Affairs and Taxation Committees of both chambers on the report on the implementation of the review mechanism for standard-compliant implementation of the automatic exchange of financial account information (AEOI). Based on the positive feedback from the committees, Switzerland will exchange financial account information with the 33 reviewed partner countries for the first time in September 2019.
On 29 May 2019, the Federal Council approved the report on the on the review mechanism for standard-compliant implementation of the AEIO by the partner states with which Switzerland will exchange financial account data for the first time in September 2019. The Federal Department of Finance (FDF) then forwarded the report to the relevant parliamentary committees for consultation. The committees thus had the opportunity to make any recommendations on the partner states reviewed before the first exchange of data.
The Economic Affairs and Taxation Committees of both chambers conducted the consultations at the end of June and beginning of July 2019 respectively. Although various questions were raised, both committees refrained from recommending to the Federal Council that no data be made available to certain partner states. The exchange of data can therefore be made for the first time in September 2019.
The Federal Council will continue to evaluate the situation in the individual partner states as required by the review mechanism. The committees will be periodically informed about the implementation progress in the individual countries. Should irregularities occur, the FDF would take the necessary measures with the approval of the Federal Council.
Address for enquiries
Anne Césard, State Secretariat Communications State Secretariat for International Finance SIF
Tel. +41 58 462 62 91, anne.cesard@sif.admin.ch
Publisher
The Federal Council
https://www.admin.ch/gov/en/start.html
Federal Department of Finance
https://www.efd.admin.ch/efd/en/home.html