Kang Beng Hoe wrote today an interesting analysis. He is is an executive director of Taxand Malaysia Sdn Bhd, a member firm of Taxand, the first global organisation of independent tax firms. In his opinion the question, which arises, is whether Article 26 in its revised form with paragraph 5 is incompatible with banking secrecy? The OECD's view is that meeting the standard of Article 26 involves only limited exceptions of bank secrecy rules. These should not undermine the overall credibility of such rules in protecting the privacy of bank customers. He observes that Article 26 of the...

Some European jurisdictions like Switzerkand or Luxembourg or the UK may be upset and think that the USA are willing to kill their business. The USA raises actual problems with Libor or the use of banking secrecy in Switwerland or Luxembourg. However I wish the USA and Obama were more balanced by admitting their own responsibilities in the current mess and taking corrective actions : -...

Britain is still the money-laundering capital of the world, according to a special six-page investigation published in this fortnight’s Private Eye. This it not a surprise despite FSA does a...

A very interesting video that explains that banks crimes are everywhere.

There is currently a very huge issue in France in the real estate sector with notaries, bankers and other professionals involved in a massive fraud. Like for Madoff that was an American issue...

  Making money for a bank is not a shame. The problem is that many banks are no longer supporting the economy and some jurisdiction do not care of the balance. Everyone will be loser. Banks...

Reuters reported that the Swiss government still wants to settle a long-simmering dispute with U.S. justice officials over undeclared funds stowed in Swiss offshore funds by year-end....

Very relevant thoughts from the South African Civil Society Information Service, which is a nonprofit news agency promoting social justice.   "There are oceans of money slopping around...

The Cayman Islands have long been known as a paradise boasting brilliant blue water, pristine sand -- and absolutely no corporate or personal income tax. That last perk has made them famous as a...

Financial Times and other media reported that the US and Europe’s five biggest economies unveiled fresh details of their coordinated push to crack down on tax evasion on Thursday, in a move that...

Documents relating to the Becca affair were made public by the legislature . As it is a sensitive affair with critical questions about actual conflicts of interest in the jurisdiction between...

Luxembourg currently faces many issues that should definitely have been avoided if advice like mine were taken into account in time. They thought that they had found THE solution, with...

It was reported that Germany, the United Kingdom and Austria, are about to ratify the agreement signed with Switzerland to impose a one-time tax in all deposits of citizens with tax base in such...

As BBC explains "Libor is the the inter-bank lending rate set every day by the British Bankers' Association (BBA). Libor sets the price for trillions of pounds of hugely valuable derivatives...

In my previous post, I mentioned my investigation in the Luxembourg Corporate registration about a businessman named Flavio Becca: I did not know him and had never heard about him. I...

As I am launching a new company (I will publish soon about it on this blog, but impatient French readers may have a look at the website ), what is taking place in Luxembourg is very interesting...

The French Cour de cassation (Supreme Court) last Thursday published three important jurisprudences in three litigations where the French journalist Denis Robert was prosecuted by Clearstream...

  In various articles of this blog I have highlighted dysfunctions and deficiencies in the Luxembourg financial center to show poor ethics and poor governance, contradicting the official...

In a recent interview Laszlo Kovacs confirmed that banking secrecy should be given up in a couple of months. Algirdas Semeta, who is his sucessor, will go on the same policy as him.