Switzerland, US agree on exchange of financial account data
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ZURICH, June 27 (Reuters) - Switzerland and the United States signed an agreement on Thursday for a mutual exchange of financial account data, the Swiss Federal Department of Finance said.
Switzerland currently provides financial account data to the United States on a unilateral basis, but in future, it will also receive corresponding information from the United States within the framework of an automatic exchange of information, Bern said.
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The change is expected to apply from 2027.
The Foreign Account Tax Compliance Act (FATCA) is a set of US regulations that has applied worldwide for all countries since 1 January 2014.
Reporting by Noele Illien Editing by Madeline Chambers
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