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Chile will join the OECD on January 11 2010 after it signs the Accession Agreement in Santiago. The OECD invited the country to join today.

The invitation came only days after Chile enacted a law that will allow the country to exchange tax information on banks.

The legislation enables the country to exchange information under existing tax treaties, thereby complying with the internationally agreed tax standard for exchange of information.

Chile has now been placed on the OECD's white list of countries that have substantially implemented the internationally agreed standard for tax information exchange.

The new law will be effective from January 1 2010.

Chile will be the first of five countries in negotiations with the OECD - Estonia, Israel, the Russian Federation and Slovenia are the others - to become a member of the Organisation. Compliance with the internationally agreed tax standard for exchange of information had been a key requirement in its accession negotiations.

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