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Viewing cable 08SANTIAGO818, A SHIFT IN CHILE'S THINKING ON BANK SECRECY

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Reference ID Created Released Classification Origin
08SANTIAGO818 2008-09-10 17:55 2011-08-25 00:00 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy Santiago
VZCZCXYZ0000
OO RUEHWEB

DE RUEHSG #0818/01 2541755
ZNR UUUUU ZZH
O 101755Z SEP 08
FM AMEMBASSY SANTIAGO
TO RUEHC/SECSTATE WASHDC IMMEDIATE 3686
RUEATRS/DEPT OF TREASURY WASHDC IMMEDIATE
INFO RUEHSS/OECD POSTS COLLECTIVE
RUEHPE/AMEMBASSY LIMA 5668
RUCNMER/MERCOSUR COLLECTIVE
RUCPDOC/DEPT OF COMMERCE WASHDC
UNCLAS SANTIAGO 000818 
 
STATE PLEASE PASS TO USTR KDUCKWORTH 
STATE FOR WHA/BSC-LCATO, WHA/EPSC-FCORNEILLE, EEB/EPPD-JMUDGE 
TREASURY FOR MMALLOY 
COMMERCE FOR KMANN 
 
SENSITIVE 
 
SIPDIS 
 
E.O. 12958: N/A 
TAGS: OVIP ECON EFIN EINV ECIN PGOV PREL CI
 
SUBJECT:  A SHIFT IN CHILE'S THINKING ON BANK SECRECY 
 
1. (SBU) SUMMARY:  Treasury A/S Lowery, DAS O'Neill, and Ambassador 
Simons met with Finance Minister Velasco and Special Envoy to the 
OECD Karen Poniachik, in separate meetings, September 1.  A/S Lowery 
explained the U.S. could not consider a double taxation treaty 
without a change in Chile's bank secrecy laws.  Velasco understood 
the importance of the issue but noted the Bachelet Administration 
did not have the votes to pass such a reform in Congress.  The GOC 
was working on a public awareness campaign to raise the profile of 
the issue.  Special Envoy Poniachik said Chile was almost done with 
its memorandum of accession, except for bank secrecy and the 
Anti-Bribery Convention.  The GOC wanted to bring Chile's banks 
closer to world standards.  It is a welcome change that the GOC is 
taking a new, positive approach on bank secrecy.  END SUMMARY. 
 
2. (U) U.S. Treasury A/S Clay Lowery, Treasury DAS Brian O'Neill, 
Ambassador Paul Simons, and Econoff attended a meeting, September 1, 
with Chilean Finance Minister Andres Velasco and Coordinator for 
International Affairs Raul Saez.  In a later, separate meeting, DAS 
O'Neill and Ambassador Simons met with Chilean Special Envoy to the 
Organization for Economic Cooperation and Development (OECD) Karen 
Poniachik and Coordinator Saez. 
 
Let's Work Together On Double Taxation and Bank Secrecy 
--------------------------------------------- ---------- 
 
3. (SBU) A/S Lowery informed Minister Velasco that a U.S.-Chile 
Double Taxation Prevention Treaty was not possible given Chile's 
bank secrecy laws, which were not up to world standards.  Ambassador 
Simons noted bank secrecy was an issue the U.S. had raised with 
Special Envoy Poniachik and one with which the OECD was also 
concerned.  On double taxation, the U.S. had been approached by 
certain concerned AFP (Chilean pension management companies) who had 
started to take investments out of the U.S. and put them in 
off-shore locations, such as Guernsey.  DAS O'Neill added this was 
likely prompted by the U.S. Internal Revenue Service's pending 
decision to reexamine whether Chile's AFP qualified for tax exempt 
status.  Velasco said that this was the first he had heard of the 
issue. 
 
4. (SBU) Minister Velasco explained that he knew bank secrecy was a 
critical issue for the U.S. and the OECD.  Any change, however, had 
to be made by Congress, and currently the Bachelet Administration 
did not have the votes for such a reform.  Coordinator Saez said the 
GOC was hosting a seminar in November on banking.  The event was to 
mark the start of a public program highlighting that Chilean banking 
standards did not measure up to world standards.  DAS O'Neill noted 
the head of the Treasury office of tax policy was an expert (with 
connections to Chile) who might make an excellent guest speaker. 
 
5. (SBU) DAS O'Neill said the U.S. was hoping Chile would resolve 
its bank secrecy problems through the OECD accession process, the 
momentum from which could lead to a double taxation prevention 
treaty with the GOC.  Velasco liked this idea of using "both hooks 
for the same fish" but was afraid the "fish" (i.e., Chilean banks) 
was simply unaware of the issues.  Therefore, the Ministry was 
asking the OECD to work with the GOC to raise awareness on bank 
secrecy in the Chilean private sector and political circles. 
 
Poniachik Committed To Raising Chile's Bank Standards 
--------------------------------------------- -------- 
 
6. (SBU) In her meeting with DAS O'Neill and Ambassador Simons, 
Special Envoy Poniachik said that Chile's OECD Memorandum of 
Accession was almost finished.  There were two key issues left: 
bank secrecy and the OECD Anti-Bribery Convention.  (NOTE:  Chile 
has ratified the Convention and adopted implementing legislation, 
but the OECD has said Chile needs to update the legislation to 
better comply with certain international obligations.  END NOTE.) 
Poniachik opined Chile's bank laws were a blemish on its otherwise 
strong record of economic reform and private sector transparency. 
Chile's lagging standards meant increased service costs and lack of 
double taxation prevention treaties with countries, such as the U.S. 
and Australia.  Making progress on bank secrecy would expand 
Santiago's financial sector.  The GOC wanted to move Chile closer to 
world banking standards, perhaps by mandating increased transparency 
in just a few areas for a start.  The key, however, would be raising 
public awareness, through efforts such as the Ministry of Finance's 
November seminar on banking. 
 
7. (SBU) COMMENT:  The meetings with Minister Velasco and Special 
Envoy Poniachik indicate the GOC has changed its tack on bank 
secrecy.  While officials continue to point to Congress as the chief 
obstacle, they appear to have realized it is in Chile's best 
interest to start raising public awareness on the issue, especially 
in the private sector, as a condition for OECD membership.  The 
Embassy will support this new, positive approach. 
 
SIMONS