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The pragmatics in Paris were not credible

The Wort had reported that some Luxembourg MPs went in Paris to meet their colleagues in order to clarify what they think is a misunderstanding of the financial center of Luxembourg.

The Wort has reported that French MPs were dissatisfied with the willingness to cooperate of Luxembourg, which concerns the determination of possible tax dodgers.

Laurent Mosar, a Luxembourg delegate who is a lawyer, told that banking secrecy does not exist to protect criminals or tax dodgers.

But the problem is that his colleague Lucien Thiel, who is the former chairperson of the Luxembourg Bankers’ Association, stated last year that it is not Luxembourg duty do control if the taxpayer was honest and that Luxembourg is not compelled to communicate clients’ data.

Additionally, despite the debate on tax evasion, Luxembourg bankers go on helping foreign citizens in tax evasion as TV demonstrated.

The Luxembourg MPs take the others for idiots. Just like on a general level Luxembourg takes the other countries for idiots while not being able to reach the ethical level of credibility of other countries with banking secrecy as this jurisdiction is money-driven with the rule "Business over ethics".

12:52 Posted in Luxembourg | Permalink | Comments (1)


I find your continued view of the Luxembourg approach to financial services provision fascinating having had several run-ins with the 'burger' management of more than one bank. To say the least they had a very interesting and ambivalent view as to what regulation impacted them and their business and how. Your recent articles reinforce this approach of trying to back every horse in the race and ensure that the one you favour wins but whatever you cannot lose...................They could be in for a serious business wake-up call soon!!



PS Keep the interesting articles flowing.

Posted by: CharlesOS | 03/09/2009

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