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Andorra, Principality of: Legislation to Lift Bank Secrecy Promised

(Mar. 18, 2009) On March 11, 2009, the head of the government of the Principat d' Andorra signed the “Declaration of the Principat d'Andorra” in Paris, pledging to pass legislation before September 1, 2009, that would lift bank secrecy within the framework of bilateral treaties on exchange of tax information to be signed with other countries. The move is in accordance with the Organisation for Economic Cooperation and Development (OECD) standards. The bill will have to be approved by the Andorran Parliament no later than November 15, 2009. France is the first country with which Andorra has committed to sign such a bilateral agreement, although Spain, Portugal, and Luxembourg are also on the list of candidates. This move by the Andorran government is viewed as an attempt to have the OECD remove Andorra from the blacklist of tax havens that will be presented at the upcoming OECD meeting next month. (El Gobierno de Andorra se compromete a levanter el secreto bancario, DIARIO LA VANGUARDIA, Mar. 12, 2009, available at