The Swiss Committee for Economic Affairs and Taxes has backed the unilateral USA’s FACTA law (Foreign Account Tax Compliance Act). In a 13 to 6 vote with 5 abstensions the vote was close and is controversial. Swiss opponents of the law point out the law impinges on Swiss sovereignty and called for a re-opening of negotiations with the US, in the event that the automatic exchange of information becomes the international standard.
FATCA requires foreign financial institutions to register with US tax authorities and report information on accounts housing the assets of US taxpayers. Failure to do so, for example, could result in a non-compliant bank being required to pay 30% tax on it’s US-sourced income.