Starting from next year 2020, the Swiss Parliament has granted Pakistan, among eighteen countries, access to automatic exchange of its financial data.
According to details, the development by Switzerland would authorize Pakistan to know how much money Pakistanis have in Swiss banks.
As per swissinfo.ch, a news platform produced by the Swiss Broadcasting Corporation, a new batch of countries for automatic exchange of financial information (AEOI) has been approved by the Swiss parliament.
Switzerland will provide bank account details held by their citizens (or those with a fiscal residence in Switzerland) and in exchange, Switzerland will receive information on banking details of accounts held by Swiss residents/citizens in there partner countries.
The 18 countries are Albania, Azerbaijan, Brunei, Dominica, Ghana, Kazakhstan, Lebanon, Macau, Maldives, Nigeria, Niue, Oman, Pakistan, Peru, Samoa, Saint Martin, Trinidad and Tobago and Vanuatu.
Currently, Switzerland receives financial data from 75 countries and shares data with 63 countries.