Ethics and governance in the European Financial centers

GRECO addendum to the Compliance Report on Luxembourg (Second Evaluation Round) adopted by GRECO at its 38th Plenary Meeting (Strasbourg, 9-13 June 2008) is online.

Better late than never.

GRECO notes that the Luxembourg authorities have mentioned a number of projects initiated, including several Bills, which might help guarantee the complete implementation of the aforementioned recommendations. GRECO acknowledges that the progress of several of these initiatives as reported, including the Bill geared to guaranteeing general access to public documents and that on introducing criminal responsibility on the part of legal persons, constitutes a major step forward as compared with the situation described in the Compliance Report. Nevertheless, GRECO
notes that these two Bills have not yet been completed and consequently that over half of the recommendations to Luxembourg remain only partly implemented. It therefore asks Luxembourg to do its utmost to complete the projects mentioned in this report in order to guarantee complete
implementation of these recommendations. The authorities may wish to report the subsequent progress to GRECO in due course.

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