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DJ Chile Finance Minister: Dec Entry Into OECD Is 'Highly Likely'84 days ago
SANTIAGO (Dow Jones)--It's highly likely that Chile will be invited to join the Organization for Economic Cooperation and Development in December, Finance Minister Andres Velasco said Tuesday.
To join the OECD, Chile had to modify its legislation in areas such as the exchange of tax information, corporate governance and legal responsibility in bribery cases.
"It is highly likely that Chile will join the OECD by the end of the year," Velasco said in a speech at the Icare business forum in Santiago.
The bill revamping the international exchange of tax information, the final pending legislation for OECD admittance, was ratified in Congress a few weeks ago.
The Chilean Congress also approved bills that not only tighted private sector corporate governance but also that of state companies.
It also ratified a separate corporate governance bill for state copper company Corporacion Nacional del Cobre de Chile, or Codelco. The mining company's new corporate governance structure was signed into law recently and will go into effect in early 2010.
Estonia, Israel, Russia and Slovenia, as well as Chile, are in the process of applying to join the OECD.
-By Carolina Pica, Dow Jones Newswires; 56-2-820-4244; carolina.pica@dowjones.com
(END) Dow Jones Newswires
November 17, 2009 10:12 ET (15:12 GMT)
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