Combatting Tax Evasion: Switzerland set to include Morocco in its list of partner countries
The Swiss Federal Council is planning to add Morocco to its new list of partner countries in the fight against illicit financial flows and cross-border tax evasion.
After approval of the competent authorities, entry into force of the automatic exchange of information on financial accounts (AEOI) is due in 2023.
Ecuador, Georgia, Jamaica, Jordan, Kenya, Moldova, Montenegro, New Caledonia, Thailand, Uganda and Ukraine have also been included in the list of countries committed to implementing AEOI to combat financial crime, tax evasion, money laundering and corruption.
The automatic exchange of information (AEI) model was set up by the Organization for Economic Cooperation and Development (OECD) to prevent tax cheating and money launderers from hiding their assets in other countries.
Banks pass on details of accounts operated on behalf of overseas clients to the Swiss authorities who channel this information to the home country of the account holder.
The establishment of the AEI system was a major landmark in dismantling the once fabled Swiss banking secrecy.