Ethics and governance in the European Financial centers

Luxembourg is proud of the PSF certification to provide a secure and confidential processing of the data.
To guarantee the confidentiality of their clients of the financial sector many companies are subjected to the monitoring by the CSSF.
As CetrelSecurities explains , the professional of the financial sector status (PSF) is an official business status set out under the Luxembourg law. This status underlines an expertise as a professional in the Finance Sector and guarantees a secure and confidential processing of the data. Steria states the same idea explaining that to guarantee the confidentiality and the typical professional attitude for the banking environment, the company is subjected to the monitoring by the CSSF. Every professional share the same values of confidentiality under the monitoring by the CSSF.

The problem comes from the ab(use) of the status to prevent the truth in a trial whatever matter: civil, commercial or penal.

Some companies acting as a PSF in their motivation before the justice may lodge a complaint against a former employee to intimidate him or her in money laundering, fraud or corruption issues including on facts the confidentiality of which is fairly questionable.

Therefore the PSF certification might be canted unless it is knowingly intended to prevent the truth and protect illegal or abusive activities or behaviors because of the CON-FI-DEN-TIA-LI-TY.

Raymond Baker, director of the Global Financial Integrity program and Eva Joly, the former French magistrate who led was in charge of the "Elf Affair" in France have published an important analysis entitled "The Issue of Illicit Financial Flows."


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The Royal Gazette has quoted Senator Levin.
American lawmakers will waste no time in helping President-elect Barack Obama to fulfill his campaign promise to "shut down the tax havens", a leading US Senator has indicated.
The President-elect has co-sponsored our bill, which goes after the misuse of these tax havens, the avoidance of taxes by American taxpayers, individuals and corporations using the Cayman Islands and all these other places to avoid paying their bills to Uncle Sam," Sen. Levin said in an interview broadcast on Bloomberg Television last Friday.