Ethics and governance in the European Financial centers

The Luxembourg government has just filed on 20 March 2009 the Bill N°6017 bearing
1. Approval of the Council Act of … 29 May 2000 establishing in accordance with Article 34 of the Treaty on European Union the Convention on Mutual Assistance in Criminal Matters between the Member States of the European Union.
2. Approval of the Council Act of ... 16 October 2001 establishing, in accordance with Article 34 of the Treaty on European Union, the Protocol to the Convention on Mutual Assistance in Criminal Matters between the Member States of the European Union
3. Change to certain provisions of the criminal Instruction code and the law of 8 August 2000 on Mutual Assistance in Penal Matters


As regards regulation in the broad sense, two texts are still not transposed in the Luxembourg legislation (bills in stand by at the Chambre des Députés):

- the 8th directive on statutory audits of annual accounts and consolidated accounts (Bill N°5976 filed on 9 January 2009),
- the penal liability for legal persons (Bill N°5718 filed on 20 April 2007)

France also is late for some transpositions (the 8th directive was transposed only in December 2008 – Cf. Journal Officiel dated 8 December 2008), but as regards Luxembourg, which communicates that one of Luxembourg's unique strengths is its quick decision-making process - which is definitely proven for texts and actions that are “pro business” - it is unacceptable all the more than it is a small jurisdiction.



In the framework of the debate on tax havens I wish all these texts were actually enacted and enforced.