Switzerland intends to add 12 new partner jurisdictions to its CRS AEoI network
On 18 May 2022, the Swiss Federal Council adopted the dispatch on the introduction of the automatic exchange of financial account information (AEoI) under the Common Reporting Standard (CRS) with 12 further partner jurisdictions. Entry into force is planned for 2023, with the first exchange of data taking place in 2024.
Of the 120 jurisdictions that are currently committed to the AEoI under CRS, 12 are not yet part of Switzerland's network. Switzerland intends to expand its network with these jurisdictions and start exchanging financial account information for the first time in 2024: Ecuador, Georgia, Jamaica, Jordan, Kenya, Moldova, Montenegro, Morocco, New Caledonia, Thailand, Uganda and Ukraine. The mentioned jurisdictions will first be subject to review to establish whether they meet the necessary requirements (in terms of confidentiality/data security requirement etc.) before final approval by the Federal Council, only after which an exchange can be activated.
An up-to-date list of Switzerland's partner jurisdictions including further relevant details can be found on the webpage of the State Secretariat for International Finance (SIF).
If you have any questions regarding the AEoI under CRS and how you are impacted by it or need any assistance in fulfilling your obligations – please do not hesitate to contact us.