Andorra la Vella - The tiny Pyrenean state of Andorra will lift its banking secrecy laws, the government announced Thursday.

The country of some 70,000 residents is hoping that the Organization for Economic Cooperation and Development (OECD) will now remove it from its black list of uncooperative tax havens.

Andorra will pass a law changing its banking rules by November, according to an agreement signed by Prime Minister Albert Pintat in Paris on Wednesday.

Andorra will provide tax information on foreign depositors to the authorities of their home countries within the framework of bilateral agreements.

Pintat signed the agreement in the presence of a representative of French President Nicolas Sarkozy, who is co-prince of Andorra together with the Spanish bishop of Urgell.

Andorra signed the agreement shortly before the upcoming G20 summit in London, where the OECD is expected to release information on tax evasion. (dpa)