Ethics and governance in the European Financial centers

According to PwC UK, business ethics is the cornerstone of Corporate responsibility.
Other topics (Marketplace, people, environment, Community Affairs) are based on it.

I find it telling that entities that are supposed to abide by the same code of conduct should have so different views on corporate responsibility despide the fact they are independent.

The reason why there are differences may be found in the deep culture of the jurisdiction where they do the job.
There is an actual "ethics denial" in Luxembourg compared to other financial centers (UK, Switzerland) and even compared to entities in Africa.

The problem in Luxembourg, like in small tax havens, is that issues are hidden or hushed up to protect the reputation in the short term and everyone plays this stupid game including the fourth estate : stupid game because everybody knows everyone and the conflict of interest is permanent.

The consequence is that there is not corrective action and the reputational risk is actually growing so is growing the center in the framework of an international will to fight fraud, money laundering and corruption : will either from organisation like Transparency International, OECD or political will like in the USA.

Luxembourg has many qualities and PwC Luxembourg has a special role to play to acculturate true ethics because it is the leader. They can do it.