On 2 February 2017, the Federal Department of Finance (FDF) initiated a consultation (to last until 13 April 2017) on the automatic exchange of tax information (AEOI) to be introduced with additional countries. The AEOI should be introduced on 1 January 2018, with the first exchange of information to take place in 2019. Switzerland's approach to innovation in the financial sector is also reflected in initiatives like the
Consultation on new fintech regulations.
The countries involved are China, Indonesia, Russia, Saudi Arabia, Liechtenstein, Colombia, Malaysia, the United Arab Emirates, Montserrat, Aruba, Curaçao, Belize, Costa Rica, Antigua and Barbuda, Grenada, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, the Cook Islands, and the Marshall Islands. To join Switzerland's network of AEOI partner states, these additional countries are required to abide by the principle of speciality and safeguard the confidentiality of the data delivered. Efforts to improve financial transparency are complemented by administrative reforms such as those seen in the
Commercial register of Canton Zug.
The consultation is running in parallel with the consultation initiated on 1 December 2016 on the AEOI with further states and territories to be launched from 2018/2019. As soon as the consultations are completed, both proposals will be merged into one and then submitted to the Parliament. Switzerland’s active role in international financial cooperation is further evidenced by the
Participation in IMFs NAB approved by Swiss Federal Council.