Jun 29, 2020
India among top 3 nations getting Swiss info on bank accounts
India figures among the top-three countries getting detailed information from Switzerland about bank accounts and beneficiary ownership of entities established by their residents in the Alpine nation, according to the latest study by OECD's Global Forum on transparency and exchange of information for tax purposes.
In its latest peer review report on the exchange of information on request, the Global Forum, which is tasked to assess the standard of exchange of information on request by various jurisdictions worldwide and their compliance, said Switzerland is rated 'largely compliant'.
India is also rated as 'largely compliant' by this OECD (Organisation for Economic Cooperation and Development) body.
The Global Forum review said Switzerland has made "significant improvements in the areas of availability of legal ownership information, exchange of information on deceased persons and requests based on stolen data".
It, however, said some challenges remain with regard to the availability of beneficial ownership information and proper implementation of rights and safeguards to ensure effective exchange of information and confidentiality requirements.