Switzerland has recently shared details of its nationals and organizations' Swiss bank accounts with India through an annual automatic information exchange.
This marks the fifth exchange of information between the two countries. The new details provided relate to hundreds of financial accounts, including multiple accounts associated with certain individuals, corporations, and trusts.
The shared information includes identification, account and financial information such as name, address, country of residence, and tax identification number, as well as information about the reporting financial institution, account balance, and capital income.
Although officials did not disclose the amount involved, citing confidentiality, they confirmed that the data would be used for investigations into suspected tax evasion, money laundering, and terror funding.
The exchange took place last month, and Switzerland will share the next set of information in September 2024.
The information exchanged between countries helps tax authorities ensure taxpayers have accurately declared their financial accounts in their tax returns.
The Federal Tax Administration (FTA) in Berne, Switzerland, announced on Monday that it has shared financial account information with 104 countries through the Automatic Exchange Of Information (AEOI) global standard framework.
Switzerland's recent move is significant as the country aims to re-establish itself as a prominent global financial center, while also dispelling the notion that its banking system is a safe haven for illicit funds.
With inputs from PTI