ROME (dpa) – Italy and Switzerland agreed Monday to share banking and financial information, a deal hailed by cash-strapped Rome authorities as a key advance toward cracking down on tax evasion.
“For Switzerland it is the end of banking secrecy,” the Italian economy ministry said.
Speaking to reporters in Milan, where he inked the deal with Swiss Finance Minister Eveline Widmer-Schlumpf, Italy’s Economy Minister Pier Carlo Padoan said he expected “great benefits for public accounts.”
As soon as the agreement is ratified by the Swiss and Italian parliaments, Italian authorities will be able to access data from 2015 onwards on the bank accounts held by Italian taxpayers in Switzerland, Padoan’s office said.
“This will inevitably lead to the voluntary disclosure of assets illegally held in the (Swiss) Confederation,” the Italian ministry said, adding that the exchange of information between Italy and Switzerland should become automatic from 2017.