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New Swiss law makes bank account info easier to get

GENEVA: The Swiss parliament on Friday gave approval to amendments to tax treaties with countries, including India, that makes it easier for them to access information about the illegal funds held by their nationals in Swiss private banks. The upper house of the Swiss parliament endorsed amendments to double-taxation agreements (DTAAs) in line with internationally applicable standards. Governments, which have signed DTAAs can now secure easy legal assistance and information as well as identify an account holder from their territories by providing an IBAN number or social security number. The new amendments to Swiss banking secrecy laws can still be challenged by a popular referendum within 100 days, analysts said. The beneficiaries from the new amendments include India, Germany, Canada, Japan, the Netherlands, Greece, Turkey, Uruguay, Kazakhstan, and Poland.

                                                                                                               
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