Law of Swiss black money to be modified

Sharing is caring!

The Swiss Federal Council on Wednesday approved a bill that would allow the government to share “stolen data” with other countries. The council of Switzerland highest executive authority stated that  based on the consultation proceedings on the revision of the Tax Administrative Assistance Act,the Federal Council initiated this step. This provides for an easing of Swiss practices with regard to stolen data. Partner countries find Switzerland’s current practice too restrictive

The statement said that in case if a foreign country has obtained the stolen data through normal administrative assistance channels or from public sources, it would now be possible to respond to requests.

For a long tome now, the local laws of Switzerland maintained the rule where in they do not acknowledge leaked data which is considered to be stolen. This has resulted in Delhi’s probe into a list of more than 600 Indian accounts that are under suspicion to be black money stashed.

 

85 total views, 1 views today