This is the same Switzerland that still has it's own Safe Harbour agreement in force. It was originally meant to reflect the situation at the EU level, but nothing has changed since the Schrems court ruling and it's still on the books.
It's not quite that easy. There are a couple of changes afoot, but you must remember that Safe Harbor is a political fix, not a legal one. Switzerland is a direct democracy and such changes cannot be made without taking it to a public vote.
I think, however, that the changes in progress may render Google rather less enthusiastic about Switzerland. The only absolute reason they're likely to remain is because the Zürich/Switzerland location puts them out of reach of most mass surveillance laws which makes me wonder just what the hell they're up to over there (as I don't trust them to be working on anything benign, that's not in their DNA).