Ethics and governance in the European Financial centers

Minister Luc Frieden was invited last May 2007 to participate to the annual assembly of the ALPP (Association Luxembourgeoise des Professionnels du Patrimoine), which is a non-profit organisation that includes over 100 independent companies, established in Luxembourg.

What was said is perfect illustration of the fact that in Luxembourg business is business without shame but with governmental support.


"We are loosing business and many clients are discouraged. It is necessary to renew and inject dynamism into the financial center", the Chairman said.


"Should a large financial center like ours exaggerate or be more lax with the risk of a couple of scandals. Yes we may have exaggerated some procedures but this was a general trend in Europe. I hope we have not done badly at that is still possible to go backward. I am ready to give up some requirements", Minister Frieden said.

The center is not lax enough compared to other centers and especially the United Kingdom and even Switzerland?


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