Financial Transparency Coalition

The Task Force on Financial Integrity and Economic Development released the following statement today welcoming the move towards tax transparency taken by the Chilean government.  Chile, a member of the Task Force’s partnership panel, adopted legislation this week which would make it easier to exchange tax information with other jurisdictions:

WASHINGTON, DC — The Task Force on Financial Integrity and Economic Development welcomes the news that Task Force Partnership Panel member Chile has enacted legislation enhancing access to bank information for the purposes of improved compliance with OECD standards on tax information exchange and increased transparency in financial transactions.

Previously, legal restrictions prevented Chilean tax authorities from obtaining and exchanging certain types of tax information in non-criminal tax cases. The new law, which is currently in effect and applicable as of January 1, 2010, will enable Chile to better comply with its current 20 bilateral tax treaties which provide for information exchange in tax evasion investigations.

“As a member of the Task Force for Financial Integrity and Economic Development, Chile has demonstrated a commitment to increasing transparency and accountability in the global financial system,” said Raymond Baker, Director of the Task Force. “We welcome the news that they have taken this key step towards cooperation and participation in the global movement for better tax information exchange and regulation and oversight of financial institutions.”

Visit www.financialtransparency.org for more information about the Task force including the Task Force publication “Economic Transparency: Curtailing the Shadow Financial System” and a list of the full Task Force membership.