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The Swiss Parliament has granted Pakistan, among eighteen countries, access to automatic exchange of its financial data starting from 2021.
The development by Switzerland would authorize Pakistan to learn about how much money Pakistani citizens have in Swiss banks.
As per swissinfo.ch, a news platform produced by the Swiss Broadcasting Corporation, the Swiss parliament approved a new batch of countries for automatic exchange of financial information (AEOI).
This means that Switzerland will provide details of bank accounts held by their citizens (or those with a fiscal residence in Switzerland).
Meanwhile, in return, Switzerland will receive information on banking details of accounts held by Swiss citizens/residents in these partner countries.
The 18 countries are Albania, Azerbaijan, Brunei, Dominica, Ghana, Kazakhstan, Lebanon, Macau, Maldives, Nigeria, Niue, Oman, Pakistan, Peru, Samoa, Saint Martin, Trinidad and Tobago and Vanuatu.
Currently, Switzerland receives financial data from 75 countries and shares data with 63 countries.
Recently the Swiss authorities revealed that they had provided details of around 3.1 million bank accounts held by foreigners or those with a fiscal residence abroad, to their countries of origin or residence.
