Costa Rica to sign information exchange deal with OECD

Costa Rica said Sunday it will sign with the Organization for Economic Cooperation and Development (OECD) an information exchange agreement aimed at avoiding possible sanctions by the grouping.

Costa Rica's Treasure Minister Jenny Phillips told Xinhua that the government will seek to amend existing laws to permit investigations of bank accounts in the country, as required by the OECD.

Under the country's law, probes of bank account data require the authorization of a judge.

According to Phillips, the government will send a law amendment bill to the Legislative Assembly before Dec. 15, as a way of showing its willingness to cooperate with the OECD.

The OECD will also sign similar agreements with 12 other countries, including Mexico, France, Germany, Switzerland, Chile, Colombia, Canada, Brazil and Argentina, Phillips said.

Source: Xinhua