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December 15, 2019

Swiss access

Newspost

 
December 15, 2019

The Swiss parliament has approved a legislation granting 18 countries, including Pakistan, access to financial data starting from 2021. Despite the fact that the implementation would start after over one year, it is a positive development which means Switzerland will provide details of bank accounts held by their citizens. Meanwhile in return, Switzerland will receive information on the banking details of accounts held by Swiss citizens/residents in these partner countries.

There have been claims that Pakistanis have stashed $200 billion in Swiss accounts, with increasing demand that steps should be taken to bring back the funds taken illegally out of country. We hope that similar arrangements would be made with other countries, where Pakistanis have supposedly amassed their wealth, to discourage corruption and flight of money through illegal means.

Qazi Jamshed Alam Siddiqui

Lahore

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