The AEOI was established in July 2014 to fight tax evasion.
The Lebanese parliament issued law No 55 on October 2016 for the exchange of information.
In January 2017, Switzerland has agreed to participate in the AEOI. However, it opted for the bilateral agreements with certain countries due to concerns related to confidentiality and privacy of the shared information.
Switzerland and Lebanon have signed in December 2019 on a bilateral agreement to exchange information.
This measure entails Switzerland to provide Lebanon with details of bank accounts held by Lebanese residents at Swiss Banks and vice-versa.
However, Lebanon had to meet several conditions, notably in terms of data security and confidentiality prior to starting the exchange, which did not happen.
Therefore, today the situation is as follows:
– Banks in Lebanon share details of bank account held by Swiss residents at Lebanese banks; whereas
– Banks in Switzerland DO NOT share details of bank account held by Lebanese residents at Swiss Banks.
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