Ethics and governance in the European Financial centers

The globalisation of the world economy has led to a close linking of the financial markets and to liberalization of international financial flows. As globally oriented financial centers, these countries have a vital interest in the worldwide enforcement of internationally recognized standards to prevent abuse of the financial markets.

According to reports by members from the French parliament between 1999 and 2002, all these country offered a safe haven for terrorist money and money launderer, and their respective authorities were doing nothing about it. The respective authorities said the report relating to their Financial center was out of date, and anyway there were some progress since the release of the reports.

The blog will not be based on the findings of the French MPs’ reports, but on facts that can be observed on public/official sources to assess the life of law and regulation that are said to be implemented : in other words, standards may not be in force and effect, there may not be a full and proper implementation of all necessary measures and the system in place may not be effective.

The more a Financial centre communicate that self policing is working and that the integrity and ethics are abide by, the stricter will be the conclusions on what is obviously actually going on that do not comply with the statements.