Ethics and governance in the European Financial centers

OECD today stated that Luxembourg moves into the category of “Jurisdictions that have substantially implemented the internationally agreed tax standard.”.

OECD Secretary-General Angel Gurría said: “I commend Luxembourg for its swift implementation of the OECD standards on exchange of information. In three months, Luxembourg has turned into reality its commitment to fully cooperate in tax matters. I would like to congratulate Minister Luc Frieden for his leadership in this process".

Austria and Switzerland will appreciate.

Parliament did not vote yet to confirm every agreement and nothing is actually enforced as the agreements start for data as of 2010.

The press realeases from Luxembourg stated that “The protocol envisages the information exchange on request in individual cases between the tax authorities of both countries. It applies to the financial years 2010 and following. The agreement does not have as an aim an automatic exchange of banking information and does not authorize general requests (fishing expeditions)"

Pascal Saint Amans from the OECD quoted by L'Expansion specified that "Il faudra seulement fournir l'identité d'une personne soupçonnés de fraude, et c'est tout" (free translation : it will only be required to provide with the identity of a person suspected to commit fraud and that's all)

This is not what many bankers in Financial centers understood.

I think the OECD is beeing fooled.

See new OECD list