Swiss financial centre
Despite all the reforms of the past 15 years, the Swiss financial centre remains a preferred hiding place for tax evaders, money launderers and corrupt people from around the world. Alliance Sud is doing the utmost to help finally change this.
!["The system is set up against us"](/sites/default/files/styles/pdri__4000/public/2024-11/global-winter-24_steuerpolitik_proteste-kenia_keystone-afp-kabir-dhanji_620213428_highres.jpg?itok=53RmvOQF ""The system is set up against us"")
What it is about
In 2017, Switzerland introduced the international Automatic Exchange Of Information (AEOI) with regard to bank client data; such exchange now takes place with over 100 countries. The Swiss public often construe this as the elimination of Swiss banking secrecy. The introduction of the AEOI is in fact a crucial step towards better identifying wealthy individuals who evade taxes with the help of banks in Switzerland and other financial intermediaries.
The AEOI has not, however, put an end to banking secrecy. It remains enshrined in the relevant laws. Besides, many countries in the Global South still do not benefit from this information exchange with Switzerland. With banking secrecy still intact in Switzerland, there is also a powerful incentive for foreign clients of Swiss banks to relocate to Switzerland so as to circumvent the AEOI with their home countries. Alliance Sud is working towards reforms that will change this.