BUSINESS

Cyprus excluded from Swiss bank data sharing program

TAGS: Banking, Cyprus, EU

The era of mystery-cloaked numbered Swiss bank accounts has officially come to a close as Switzerland, the world’s biggest center for managing offshore wealth, has begun automatically sharing client data with tax authorities in dozens of other countries.

The Federal Tax Administration (FTA) said on Friday it had for the first time exchanged financial account data at the end of September under global standards that aim to crack down on tax cheats.

The initial exchange was supposed to be with European Union countries plus nine other jurisdictions: Australia, Canada, Guernsey, Iceland, the Isle of Man, Japan, Jersey, Norway and South Korea.

“Cyprus and Romania are currently excluded as they do not yet meet the international requirements on confidentiality and data security,” the FTA said.

[Reuters]

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