Ethics and governance in the European Financial centers

The Luxembourg government today published a press release that is signed by the Luxembourg Minister of Justice and Angel Gurria.

This press release took place place in the framework of the 10th anniversary of the entry into force of the OECD Anti-Bribery Convention.

Despite Luxembourg is a secrecy jurisdiction with many scandals that are hushed up including corruption cases like the recent affair of "ruling" before the court, criminal libility of legal persons does not exist.

The press release does not say a word about this failure to comply with OECD Anti-Bribery Convention.

Legislature file

The media have reported what Luc Frieden said in the framework of an event that was organised by PwC Luxembourg for the financial center: the banking day.

He said that a bank without secrecy should be created as in 3 or 4 years banking secrecy will no longer be possible.

It is amazing that in its press release about the event ABBL does not quote this statement.

The Financial Times has repôrted that Gibraltar would have almost completed its transformation into a conventional financial centre.

“We have been repositioning Gibraltar away from the tax haven, the brass plate, the place where people just hide their money in the hope that nobody else will see it, much more into a financial centre of the onshore European variety,” Mr Caruana, chief minister, told the Financial Times.

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