Ethics and governance in the European Financial centers

Switzerland is alone before the US tax admin and the US courts.

A pact existed between the jurisdictions with bank secrecy. They simultaneously accepted the OECD criteria but an unbalance was created in favor of Luxembourg because the signature of the agreements was not coordinated to leave the gray list together. Switzerland, which had affirmed the importance to coordinate points of common interest of the financial centres was fooled.

Switzerland is all the more losing vis-à-vis Luxembourg than one of its banks is blamed in the Madoff fraud. This bank acted in the framework of Luxembourg laws and regulations and of Luxembourg business practices with very high conflicts of interest.

Switzerland is all the more losing vis-à-vis Luxembourg than Luxembourg launched the LIGFI to improve its image without Switzerland: two Swiss (Gilbert McNeill and Rene Brülhart) are in this project but not as representative of Switzerland.

Switzerland is all the more losing vis-à-vis Luxembourg than its ethics is more credible than the one of Luxembourg beyond the banking secrecy: thus it was remarkably ranked by TI for the implementation of the OECD anti bribery convention whereas Luxembourg, where the criminal liabiliy legal person does not exist despite an injunction from the OECD late March 2008, was unable to provide data.

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