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Switzerland, US agree on exchange of financial account data

Reuters
·1 min read

ZURICH (Reuters) - Switzerland and the United States signed an agreement on Thursday for a mutual exchange of financial account data, the Swiss Federal Department of Finance said.

Switzerland currently provides financial account data to the United States on a unilateral basis, but in future, it will also receive corresponding information from the United States within the framework of an automatic exchange of information, Bern said.

The change is expected to apply from 2027.

The Foreign Account Tax Compliance Act (FATCA) is a set of US regulations that has applied worldwide for all countries since 1 January 2014.

(Reporting by Noele Illien; Editing by Madeline Chambers)