According to an OECD press release, on 16th June Andorra became the 48th signatory to an OECD Declaration that commits countries to end bank secrecy for tax purposes. The Declaration was endorsed by all OECD member countries as well as Argentina, Brazil, China, Colombia, Costa Rica, India, Indonesia, Latvia, Lithuania, Malaysia, Saudi Arabia, Singapore and South Africa at the OECD's Ministerial Council Meeting in Paris on 6th May and commits countries to a single global standard on the automatic exchange of information. Countries that have endorsed the declaration will be required to obtain information from their financial institutions and exchange that information automatically with other jurisdictions
“Signing the Declaration is an important commitment, which shows the significant progress being made in Andorra,” said Pascal Saint-Amans, director of the OECD Centre for Tax Policy and Administration. “We welcome this first step, as part of wider and continuing efforts in Andorra to revise tax policy and improve the transparency of the international tax system.”
