India: First tranche of data from Swiss banks can unearth hidden wealth

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September 8 2019

As India prepares to analyse troves of Swiss banking details of its citizens, a large portion of the first tranche of data being shared by Switzerland under an automatic information exchange framework this month relates to accounts that have been already closed due to fear of action, bankers and regulatory officials said.

However, the data that was prepared by all Switzerland-based banks under a direction from the Swiss government for despatching further to the Indian authorities provides full details of the entire flow of funds to and from all the accounts that were active even for a single day in the year 2018, bankers said.