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. The Swiss financial centre also caters to international investors and private clients from around the world, and as such is one of the most efficiently regulated and supervised financial centres in the world. The Swiss government works closely with other countries to actively combat organised crime, money laundering and the financing of terrorism. Cross-border tax evasion is tackled, among other measures, with the help of the global standard for the automatic exchange of information (AEOI). Switzerland introduced the AEOI with a range of jurisdictions, including the UK. Data has been collected from 2017 and is being exchanged since 2018.