Bowing to pre-G20 international pressure, San Marino has announced it will enter into bilateral agreements to exchange tax information in line with the OECD standard.

The state has said it is also prepared to amend its legislation, including that on bank secrecy, before the end of September 2009 to allow for the effective application of these agreements. 

Jeffrey Owens, director of the OECD's Centre for Tax Policy and Administration, said: "We are very pleased that San Marino will finally take concrete steps to implement its commitment.  We very much welcome this move. What matters now is to move rapidly to the implementation phase."