BERNE/NEW DELHI: As India and other countries await an automatic exchange of information from next year about suspected black money hoarders in Swiss banks, Switzerland has said it can suspend such sharing of details any time if confidentiality is not maintained.
As part of an international commitment to fight the black money menace, Switzerland has effected the automatic exchange of information standard since January 1, 2017, and the sharing of details under this framework will begin from next year with the first batch of countries, including India.
“Domestic financial institutions are collecting this data for the first time this year, and the Swiss tax authorities will exchange it with their counterparts in partner states in 2018,” said the State Secretariat for International Financial Matters (SIF).
The Swiss agency, which is mandated to defend the interests of Switzerland on international financial and tax matters and participates in international negotiations, said further in its latest quarterly newsletter that necessary steps will be in place to ensure the exchanged data do not fall into the wrong hands or get misused. (AGENCIES)
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