Swiss Government Succumbs to the Pressure of the Foreign Demands
Government of Switzerland decided to amend their laws which are crucial to bring out black money, due to the pressure from India and other countries. The government made many amendments in Federal Act on International Administrative Assistance in Tax.
As per these amendments, the information regarding alleged black money accounts will be provided to their respective countries without notifying the account holders. Earlier, the law was to inform the account holders before revealing their account information to their countries’ officials which made it possible for the account holders to hide their black money.
But, due to these amendments, governments can monitor the accounts of suspects and bring out the money into the light without the account holder knowing about it.
The new Act in Swiss Law has defined group requests as requests for administrative assistance on information regarding two or more people with similar patterns identifiable by precise details.
This new Act in Swiss has come at a time of debate in India regarding the black money that has hidden in Swiss banks by Indians. This move certainly helps India to step ahead on bringing out black money.