Banking secrecy to end following EU-Switzerland treaty

2018 is set to be the date when EU residents will no longer be able to hide any undeclared income or assets in Swiss banks. The EU has signed a tax evasion agreement with Switzerland whereby an exchange of information about the bank accounts of their respective citizens will take place.

The EU Commission is also undergoing similar agreements with other locations such as Andorra, Liechtenstein and Monaco in its fully-fledged efforts at deterring tax evasion.

EU Commissioner Pierre Moscovici expressed his trust that this move will mitigate the concealment of income and assets abroad and pave the way for fairer taxation across Europe. This will also back up the agreement about increased transparency made between the EU member states last year.

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