Ethics and governance in the European Financial centers

The BBC and other media worldwide have reported the decision by Switzerland's biggest bank, UBS, to hand over details of a few hundred US clients to the US authorities.
The financial community in Switzerland is very upset.
This is the beginning of the end of banking secrecy in every jurisdiction that has based its development on such service and especially Luxembourg that demonstrated close links with Switzerland to support banking secrecy all the more than the situation of permissiveness is worse in Luxembourg than in Switzerland.