At the start of this week, it was decided in the parliament of the Switzerland to give accessibility to 18 countries including Pakistan to automatic exchange of financial information (AEOI). It’s great news for Pakistan, especially which will be helpful to recognize the corrupt politician’s Swiss accounts as we all know a lot of controversies in this regard.
Pakistan can now access the Swiss Bank Accounts
In the agreement it is declared that Switzerland will provide information about Swiss bank accounts of the local citizens and foreign citizens as well. However, after initial deliberations, Turkey failed to reduce it due to data protection concerns. The newly-approved batch includes 18 countries, taking the total tally to 68.
The 18 countries are:
- Saint Martin
- Trinidad and Tobago
This major development is very helpful to find out the corrupt people having illegal bank accounts in Swiss Banks and will provide a supportive aid to PTI government to tackle with corruption and money laundering issues as well. In this regard the government already had sought help from the Swiss government officially and Law Minister Farogh Naseem attended many meetings with Swiss Ambassador Thomas Kollay in November last year to seek help form Switzerland’s government to trace an bring back the illegally transferred money to Swiss accounts.