Statement from the SBA regarding the joint statement from the US and Switzerland regarding a Framework for Cooperation to Facilitate the Implementation of FATCA

  • The SBA has long pointed to the difficulties presented by the implementation of FATCA and welcomes the start of negotiations between Switzerland and the US for a facilitated implementation.
  • The core element of the solution is that the necessary exchange of data will be made directly with the US tax authorities and not, as in the implementation solution for the five big European countries, by means of centralized data gathering. This better takes into account the particular characteristics of the Swiss financial centre.
  • Also positive are the possibility of simplified client identification and the preservation of QI-status for financial institutions considered as deemed compliant.