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Chile Is Not a Tax Haven, Will Join OECD, Bachelet Says

Chilean President Michelle Bachelet denied her country is a tax haven even as it works to reform its banking rules, changes that could ease concern about its tax policy and help its bid to join the Organization for Economic Cooperation and Development.

Bachelet, visiting the OECD in Paris today, said she was aware that Chile is on the organization’s list of “non- cooperative financial centers.” The parliament of Chile is preparing new legislation including new rules on sharing banking information that will probably be approved within a month, she said.

“Chile is not a tax haven,” Bachelet told reporters at the OECD, while adding that the South American nation of 16.6 million people “could go a step further” to meet international standards of transparency. “We are quite convinced we’ll be able to become a member” of the OECD, she added.

The European Union is seeking to step up the fight against tax havens by pursuing more treaties and raising the possibility of imposing sanctions on countries that don’t fight tax evasion. The EU push comes after Switzerland, Lichtenstein and Monaco recently pledged to implement OECD guidelines on tax cooperation.

Editors: Andrew Davis, Jennifer Freedman

To contact the reporter on this story: Sandrine Rastello in Paris at srastello@bloomberg.net; Jeffrey Donovan in Prague at jdonovan26@bloomberg.net.

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