Today, associations and foundations that qualify as a financial institution are exempt from the obligation to register. Originally, the Federal Council had proposed to lift this exception. In the consultation, however, this was rejected.
The Federal Council is now taking this into account. The handling of non-profit organizations under the AIA would also be discussed again at the international level, he writes in a statement on Wednesday. He therefore considers it premature to implement the recommendations of the Global Forum on this point.
The AIA serves to prevent tax evasion via accounts abroad. Since 2017, Swiss financial institutions have been collecting data from customers who are taxable in an AIA partner state. The first data exchange took place last fall.
The Global Forum of the OECD examines whether the states fully implement the AIA standard in their state law. Although the country reviews will only start in 2020, a preliminary review has shown that adjustments are needed in Switzerland. It turns out that the Global Forum does not accept even the smallest deviations from the standard, the Federal Council wrote in the report for consultation.
Nevertheless, he does not want to implement all the recommendations. The Federal Council wants to remove the exception for condominium owners. He also wants to adjust the applicable due diligence requirements, identify the amounts in US dollars and introduce a document retention obligation for reporting Swiss financial institutions.
The adjustments are intended to prevent Switzerland from receiving a bad mark in the comprehensive country review. Non-cooperative states are put on blacklists.