Media & Resources
Switzerland stopped automatic exchange of financial information
DATE: September 21, 2022 | AUTHOR: AT
According to an announcement published on the official website of the Swiss Federal Council, on September 16, 2022 the Swiss Federal Council decided to temporarily suspend the automatic exchange of tax information with the Russian Federation.
The automatic exchange of financial information was suspended on the basis of subparagraph B paragraph 2 Article 21 of the 1988 Convention on Mutual Administrative Assistance in Tax Matters.
Switzerland suspends:
- Automatic exchange of information on financial accounts;
- Exchange of information on request;
- Spontaneous exchange of information.
Implications that may arise for Russian residents
It is expected that Switzerland will soon be excluded from the list of countries that automatically exchange financial information with the Russian Federation.
Once Switzerland is excluded, the funds may be credited to Swiss bank accounts only under a limited list of grounds expressly provided for by law.
The penalty for violating the currency control rules is from 20% to 40% of the transaction amount.
We monitor the changes and will keep you informed about course of events.