Switzerland’s financial sector is of significant importance to the national economy, employing about 5% of the total workforce and accounting for 9% of economic output.
The financial sector ensures that the Swiss economy is never short of the necessary capital or financial services. Switzerland is also one of the most efficiently regulated and supervised financial centres in the world today. The Swiss Confederation works closely with other countries to actively combat organised crime and terrorism. Cross-border tax evasion should be prevented with the help of the new global standard for the automatic exchange of information (AEOI). Switzerland introduced the automatic exchange of information with a range of jurisdictions, including the UK. Data has been collected from 2017 and exchanged from 2018. The financial sector, the Federal Department of Finance (FDF), the Federal Department of Foreign Affairs (FDFA), and Swiss embassies and consulates abroad provide clarification on such matters.