Swiss tax administration refuses to exchange financial accounts information with Romania because it does not meet international requirements on confidentiality

Romania is excluded by Switzerland from financial accounts information exchange because the Eastern European country doesn’t meet the international requirements on confidentiality and data security.

At the end of September, the Federal Tax Administration (FTA) of Switzerland has for the first time exchanged financial account information with other states.

The exchange took place within the framework of the global standard on the automatic exchange of information (AEOI).

This first exchange within the framework of AEOI provides that Switzerland exchanges in 2018 with EU states as well as with a further nine states and territories (Australia, Canada, Guernsey, Iceland, Isle of Man, Japan, Jersey, Norway, and South Korea).

However, two EU member states are excluded from financial accounts information exchange.

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“Cyprus and Romania are currently excluded as they do not yet meet the international requirements on confidentiality and data security,” the Swiss Federal Tax Administration said on Friday, in a press release.

The Swiss tax administration also said that transmission of data to Australia and France is delayed, as these states could not yet deliver data to the FTA due to technical reasons.

“Similarly, the FTA has not yet received data from Croatia, Estonia and Poland. The other partner states have transmitted data to the FTA,” the Swiss institution indicates.

Currently, around 7,000 reporting financial institutions (banks, trusts, insurers, etc.) are registered with the FTA.

These institutions collected the data and transferred it to the FTA.

The FTA sent information on around 2 million financial accounts to the partner states and received information in the millions from them.