05/31/2008
Fewer declarations of suspicion in Luxembourg than last year
The Minister of Justice in Luxembourg recently published the Annual Report 2007.
There are a couple of pages relating to AML (pages 136 to 140).
As I already wrote, the FIU in Luxembourg is the prosecuting authorities and does do a good job that limit the risk of scandal in a lax business environment where issues are hidden or hushed up.
If the number of declarations of suspicion in Switzerland increased, this is not the case in Luxembourg despite the center is growing.
Year Number Percentage
1998 114 2,08
1999 109 1,99
2000 158 2,88
2001 413 7,54
2002 631 15,11
2003 828 15,11
2004 943 17,20
2005 831 15,16
2006 754 13,76
2007 700 12,77
Total 5481 100
To assess the lax environment one must take into account the financial power of the Center and not the size of the country.
The ratio in Luxembourg compared to Switzerland demonstrates the lax business environment, what is called locally prag-ma-tism.
Read report (in French)
07:05 Posted in Luxembourg | Permalink | Comments (2)
UBS Said to Discourage Private Bankers From U.S. Visits
According to the Financialm Times, UBS has told members of its former private banking team responsible for rich US clients not to travel to America.
Read article
06:40 Posted in Switzerland | Permalink | Comments (0)
Ex-UBS banker to admit tax evasion charges
A former UBS private banker charged with helping a US client evade millions of dollars in taxes is set to plead guilty at a court hearing next month
Business Times
IHT
06:35 Posted in Switzerland | Permalink | Comments (0)