Ethics and governance in the European Financial centers

The French Cour de cassation (Supreme Court) last Thursday published three important jurisprudences in three litigations where the French journalist Denis Robert was prosecuted by Clearstream (former Cedel) for publishing a book explaining ML through Clearstream.

Clearstream is a clearing house like its competitor Euroclear. It is amazing to observe that both clearing houses are located in secrecy jurisdictions: according to TJN, Luxembourg is scored 87% secrecy and Belgium is scored 73% secrecy. 

Lucy Komisar wrote in English about Clearstream and Denis Robert's work 10 years ago.

I am afraid what Denis Robert investigated and wrote is now a judiciary truth.

However after FATF report, that is another huge slam in the face for the "professional standing made in Luxembourg" and the so-called compliance of the center.

It is no use multiplying compliance regulations and procedures when facts are denied. Business ethics is not a matter of procedure but a matter of behaviour.

PS: for French readers, the three jurisprudences are available there.