FROM THE OFFICE OF PUBLIC AFFAIRS

The Treasury Department today welcomed an OECD report calling on member countries to permit access to bank information for tax purposes and setting forth a series of specific measures intended to move toward that goal.

In today's borderless world, improving access to bank information is vital to administering our tax system, fighting financial crime and maintaining the competitive position of U.S. banks, Treasury Secretary Lawrence H. Summers said. This report is a significant step in that direction.

The report, "Improving Access to Bank Information for Tax Purposes," was unanimously approved by all 29 OECD member countries and encourages them to eliminate secret accounts, remove domestic tax interest requirements inhibiting information exchanges, and allow access to bank information for law enforcement purposes. It calls on countries to continue to develop initiatives to improve access to bank information for tax administration and envisions continuing dialogue between countries on these issues. It complements the harmful tax competition project, which is examining, among other things, inadequate information exchange resulting from bank secrecy and other practices.

Copies of the report may be obtained by contacting Will Davis at (202) 887-3477 or Sandra Wilson at (202) 822-3866 at the offices in Washington, D.C.