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Arnaud Montebourg and tax havens

A couple of weeks ago an article that was published in Liberation by Mr Arnaud Montebourg , who is one of the co-authors of the reports on financial crime, that targeted the United Kingdom, the territories of the Crown, Monaco, Switzerland, Liechtenstein and Luxembourg.
In his article Montebourg took a swipe at Switzerland, Liechtenstein and Luxembourg.
Montebourg's analysis does not make sense but the press release that was issued in common by Luxembourg and Switzerland was a mistake. Neither Montebourg nor the authorities of the financial centres are credible.
Montebourg's analysis does not make sense because countries that have an attractive tax policy have the right to define their policy provided that they are credible in business ethics.
The press release that was issued in common by Luxembourg and Switzerland was a mistake because, as far as business ethics is concerned, Switzerland is more credible than Luxembourg where there are visible drifts that do not comply with competence and respectability (i.e. proper business conduct) that are required by the law of 1993. These are either denied or ignored so problems officially do not exist: the permissiveness feeds accusations on Luxembourg and financial centers in general.

A bogus pragmatism weakens international finance.

Who supports the best the financial centres: those who are clever enough to understand the stakes for the reputation and require a stricter behaviour, or those who supports negligence and bad governance by their silence and inaction including for official and public facts that cracked the ethical frontage?

20:54 Posted in General | Permalink | Comments (0)

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