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Switzerland, Turkey Sign MoU On Financial Issues

by Ulrika Lomas, Tax-News.com, Brussels

19 October 2012


On the fringes of the annual meetings of the Bretton Woods Institutions in Tokyo, Switzerland and Turkey signed a Memorandum of Understanding (MoU) stating that they intend to cultivate regular discussions on financial issues in the future.

By signing a Memorandum of Understanding, Switzerland and Turkey have laid the foundation for financial dialogue between the two countries.

According to the Swiss Federal Department of Finance (FDF), the aim of this dialogue is to promote cooperation between Switzerland and Turkey in the area of finance.

The FDF explains: “Within the framework of this dialogue, authorities from both countries will hold regular high-level discussions on financial issues, identify areas of mutual interest, and further develop the corresponding topics together.”

It adds: “These exchanges will enable the signatory countries to discuss international and national economic developments, better understand each other's positions, work together in international forums, and increase their cooperation on financial market regulation and policy.”

The FDF concludes: “Switzerland's financial centre is renowned for its openness and international nature. Initiating financial dialogue with important emerging countries is a key element in implementing the Federal Council's financial centre strategy.”

To date, Switzerland has signed similar MoUs with Australia, Brazil, India and Russia.

TAGS: investment | law | banking | financial services | offshore | agreements | offshore banking | memorandum of understanding (MOU) | Switzerland | regulation | Turkey | services

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