Ethics and governance in the European Financial centers

I went through the Société Générale's website to read pages relating to compliance, ethics and CSR

There is a very interesting page about tax havens to repudiate clearly the use of such financial centers: "Société Général has defined strict rules to avoid setting up in those countries considered to be tax havens in the OECD or blacklisted by the FATF."

But the last paragraph clearly cancels the commitment of the previous one : "However the group does not rule out working in these countries providing they already have an effective banking and financing sector that meet the economic needs of a local or international customer base, as is the case in Monaco for example."

The blacklist is empty and every country that is considered as a tax haven has anyway an effective banking and financing sector that meet the economic needs of a local or international customer base.

Tax havens are definitely supported by everyone despite official statements to repudiate them.

A bank cannot afford to be out of the business in a financial center including tax havens.



Banks have clear but pragmatic ethical rules.