The Swiss Federal Council has adopted automatic exchange of financial account information with 41 states and territories, to flush out black money.

The council, which is the top governing body of the European nation, ratified the move in line with Automatic Exchange of Information (AEOI), a code developed by G20 and OECD.

The Swiss Federal Council said the proposal to introduce AEOI with 41 jurisdictions “met with widespread approval from the interested parties who voiced their opinions in the consultations. In concrete terms, the AEOI will be activated with each individual state or territory by means of a specific federal decree within the framework of this dispatch.”

As per the draft notification approved by the council, the decision is not subject to any referendum. Implementation of the deal will start in 2018 and the first exchange of data is planned for autumn 2019.

“In the process, it will be checked whether the states and territories concerned effectively meet the requirements under the standard, especially those concerning confidentiality and data security,” the council said in its press statement.