Switzerland signs joint declaration on introduction of AEOI with Brazil
18/11/2016Federal Department of Finance
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The signing of the joint declaration with Brazil confirms Switzerland's international commitment to implementing the AEOI standard. Switzerland is thus strengthening its network of AEOI partner states. Brazil meets in particular the high demands in terms of adherence to the principle of speciality and the safeguarding of confidentiality for the data delivered, which are prerequisites for the introduction of the AEOI.
From a legal viewpoint, the automatic exchange of information with Brazil will be implemented based on the Multilateral Competent Authority Agreement on the Automatic Exchange of Financial Account Information (MCAA). The MCAA is based on the international standard for the exchange of information developed by the OECD.
The Federal Council has authorised the Federal Department of Finance (FDF) to conduct a consultation for the introduction of the AEOI with Brazil and other countries. It will be initiated soon. Thereafter, the corresponding federal decrees will be submitted to Parliament for approval.
State Secretary Jörg Gasser from the State Secretariat for international Finance Matters (SIF) ended his working visit to South America with a visit to Brazil. Switzerland's financial market policy, market access for financial service providers, the positions of partners in international financial bodies and the possibility of structural reforms were the main topics during the visit.