on Friday ratified automatic exchange
of financial account information
and 40 other jurisdictions to facilitate immediate sharing of details about suspected black money, even as it sought strict adherence to confidentiality and data security.
Adopting the dispatch on introduction of the AEOI, a global convention for automatic information exchange
on tax matters, the Swiss Federal Council said the implementation is planned for 2018 and the first set of data should be exchanged in 2019.
The council, which is the top governing body of the European nation, will soon notify the Indian government about the exact date from which the automatic exchange
According to, the draft notification approved by the Council in its meeting on Friday, the decision is not subject to any referendum — which means there should be no further procedural delay in its implementation.
The issue of black money
has been a matter of great debate in India
has been long perceived as one of the safest havens for the illicit wealth allegedly stashed abroad by Indians.
Today's decision follows hectic parleys between India
for introduction of the AEOI
of Information) on tax matters under the guidance of G20, OECD and other global organisations.
The council said the proposal to introduce AEOI
and others "met with widespread approval from the interested parties who voiced their opinions in the consultations".
"In concrete terms, the AEOI
will be activated with each individual state or territory by means of a specific federal decree within the framework of this dispatch," it added.
itself will be carried out based on the Multilateral Competent Authority Agreement (MCAA) on the Automatic Exchange
of Financial Account Information, which is in turn based on the international standard for the exchange
developed by the Organisation for Economic Co-operation and Development (OECD).
The council said it will prepare a situation report before the first exchange
of data, which is planned for autumn 2019.
"In the process, it will be checked whether the states and territories concerned effectively meet the requirements under the standard, especially those concerning confidentiality and data security.
"It is important for the Federal Council that a level playing field be created among states and that all major financial centres, in particular, be included. This year, Switzerland
has introduced the AEOI
with 38 states and territories, including all EU member states, and data will start to be exchanged with them in 2018," it added.