Ethics and governance in the European Financial centers

The media have reported that Austria, Liechtenstein and Switzerland yesterday met about banking secrecy.

This meeting was for german-speaking attendees.

Luxembourg was not in the group. The geography is only part of the explanation.

Some would see a sanction for a partner that is not reliable : when Luxembourg, Austria and Switzerland met in March in Luxembourg they agreed to coordinate their policies about banking secrecy.

After the publication of the OECD list, Luxembourg :
- did not care of the agreement to coordinate policies and signed more that the 12 required agreements whereas the culture did not change. It was removed from the "grey list" whereas the culture did not change.
- launched LIGFI for its own ethical promotion even though the new body was in the pipe since December 2008 and is a deceptive economic intelligence initiative without intelligence.