Accounts in Swiss Banks: India to probe money laundering, terror funding

A high-level probe is likely into Indians holding accounts in different Swiss banks. Money laundering, terror funding angles top agenda.

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India has received the 4th share of information on financial accounts of Indians from Switzerland.
India received names, addresses, Taxpayer Identification Number (TIN) and account numbers and account balance of each reportable person, giving an insight into the exact nature of the transmitted data.

Pertaining to India “hundreds of financial accounts”, including many cases of multiple accounts associated with some individuals, corporates and trusts have been included in the information.

The data would be used extensively in probes of suspected tax evasion and other wrong doings including money laundering and terror funding.

The sharing of such information has been going on since the two countries entered into an Automatic Exchange Of Information (AEOI) agreement in 2018. The aim to share such information is to improve tax discipline and avert potential evasion.

The annual exchange of information allows countries to verify whether taxpayers have correctly declared their financial accounts abroad in their tax returns.

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