Ethics and governance in the European Financial centers

According to the OECD, advances are being achieved in bringing greater transparency to financial centres around the world, but progress on exchange of information on tax issues is more limited, according to OECD’s latest report on its drive to bring more fairness to cross-border tax co-operation.
Significant restrictions on access to bank information for tax purposes remain in three OECD countries – Austria, Luxembourg and Switzerland – and in a number of offshore financial centres, including Liechtenstein, Panama and Singapore. Further, a number of offshore financial centres that committed to implement the standards on transparency and the effective exchange of information developed by the OECD’s Global Forum on Taxation have failed to follow through.

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