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12-26-96. Nikkei English News:

OECD to back police authority to decode e-money transactions

Paris -- The Organization for Economic Cooperation and Development will not object to member nations giving their police the right to decipher codes used in electronic money transactions. The organization of industrial countries has mapped out an eight-point guideline on standardizing coding technology, crucial to the safe and widespread use of e-money. It has called on members to cooperate in the process.

The OECD also warned that e-money is open to crime risks.

The guideline, to be announced by spring, also urges members to adopt domestic laws supporting code standardization. Nevertheless, heavy debate is expected over the question of decoding rights for police, because of privacy issues.

The U.S. has already decided to allow authorities to read e-money codes from January, and is expected to call on Japan and other countries to follow suit to help prevent international crimes.