Ethics and governance in the European Financial centers

The FATF has released the Follow-Up Report to the Mutual Evaluation Report of the United Kingdom, which was adopted in June 2007.

In October 2009, the FATF recognised that the United Kingdom had made significant progress in addressing deficiencies identified in that report, decided that the country should be removed from the regular follow-up process and agreed that it should now report on any further improvements to its Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) system on a biennial basis.

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Liechtenstein and Singapore have passed into the "OECD's whitewash, sorry, white list category" (TJN wording).

Liechtenstein scored an 87 percent opacity score and Singapore scored a 79 percent opacity score on TJN Mapping the Faultlines project.

Thanks to Luxembourg - the first jurisdiction that was congratulated - and its draft law to enforce the OECD agreements, everyone now knows that there is a huge loophole in the enforcement of the agreements: the creativity of jurisdiction to bypass agreements.

Luxembourg has imagined the "discharging fine", that would allow practically banks to keep secrecy and make money thanks to a possible new service that could be charged to clients.

"The era of banking secrecy is not over".