Ethics and governance in the European Financial centers

The Commission on the Financial crisis this week provided its report titled « Vers un nouveau modèle de croissance » (Towards a new model for growth).

As I said, when it is written that « Bien que les temps où le Luxembourg était considéré, à juste titre, comme centre offshore soient révolus … » (“Although times when Luxembourg was considered, and rightly so, as an offshore center are over…”), it is not true.

Let’s have a google search on a couple of exotic jurisdictions in the Luxembourg Corporate Registration the last 365 days.

Panama, 219 results

BVI, 82 results

British Virgin Islands, 220 results

Seychelles, 49 results

Gibraltar, 106 results

Cayman, 371 results

Bermuda, 101 results

Anguilla, 4 results

Bahrain, 14 results

Bahamas, 54 results


And so on.

All the above jurisdictions are on the unofficial OECD list of tax havens.


Furthermore in many cases foreign individuals that appear in the framework of such firms use a Luxembourg-based address whereas they actually reside abroad.

The Luxembourg tax haven is there.