information ranging from name and address to account balance; Will assist in money laundering investigations
India has received the fifth set of Swiss bank account details. Under the Annual Automatic Exchange of Information (AEOI), Switzerland has shared details of about 3.6 lakh financial accounts with 104 countries. India first received details from Switzerland under AEOI in September 2019, when it shared information with 75 countries.
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The data will be useful in investigating terror funding:
The details shared with India relate to hundreds of financial accounts, including multiple accounts. This data will be used to investigate irregularities like tax evasion, money laundering and terror funding. The exchange took place last month and the next set of information will be shared by Switzerland in September 2024.
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Information from name and address to account balance:
Switzerland agreed to an AEOI with India after a lengthy process, including a review of the necessary legal framework in India on data protection and privacy. The details exchanged include name, address, country of residence and tax identification number, as well as information regarding account balances and capital gains.
India receives 5th set of Swiss account details
Useful in prosecuting people with unaccounted property:
According to experts, the AEOI data received by India is very useful in building a strong case against those with unaccounted wealth. The data includes complete information about deposits and transfers as well as all earnings. Investments in securities and other assets are involved.
Five new countries were included:
The Federal Tax Administration (FTA) said five new countries have been added to the information exchange list this year. These include Albania, Brunei Darussalam, Nigeria, Peru and Turkey. The number of financial accounts has increased by nearly one lakh.
What is a Swiss account?
All banks in Switzerland have the right to open bank accounts under Section 47 of the Privacy Act of the Swiss Federal Banking Act. If a person has not committed a crime in Switzerland, the bank does not share any information about him. However, in 2017, after pressure from the world community, the law was relaxed and information was shared. India receives 5th set of Swiss account details