In a shift towards more transparency on tax issues, Macao, part of the People's Republic of China, has agreed to adopt the Organisation for Economic Cooperation and Development standards on exchanging information for tax purposes. It will now join Hong Kong, China, and Singapore in implementing transparency principles in exchanging information for tax purposes. Macao first endorsed these principles in 2005 and has now announced its intention to implement the standards and adapt its domestic legislation before the end of 2009. The move will enable Macao to exchange bank information on request with other jurisdictions. Jeffrey Owens, director of the OECD's centre for tax policy and administration, said that in the current economic climates these standards are becoming increasingly important.