Ethics and governance in the European Financial centers

European Commission issues first report on implementation of savings taxation Directive.

Lucien Thiel, MP and former chairman of the Luxembourg Bankers’ Association asked a parliamentary question relating to the findings of the European Commission that lead to several recommendations to improve the system.

And Lucien Thiel to ask : “Est-ce que le Gouvemement a l'intention de suivre ces recommandations? » which means « is the government willing to abide by the recommendations ?”
The implicit state of mind behind the question is that professionals in Luxembourg do not care of the European Commission Recs.

The good question should have been “What is to be done to implement the recommendations and correct what definitely harms the reputation of the financial center in the international context against offshore jurisdictions?"

With this parliamentary question, once more a Luxembourg official demonstrates that the jurisdiction has not realised the paradigm shift or bet that there are no risks as there will be no sanctions because of the financial stakes.



Parliamentary question