Ethics and governance in the European Financial centers

Ther FSA communicates on crime so do auditors in the UK contrary to a financial center like Luxembourg that as yet more offshore assets than the UK but does not care of the credibility of its ethics.

The Financial Crime Sector Team this month published its newsletter.

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The Financial Services Authority has worked to reduce financial crime since its creation. From 15 December 2007, the anti-money laundering controls of leasing companies, commercial finance providers, safe custody services and certain other businesses will be supervised by the FSA for the first time. A document that was released in September 2007 explains how the FSA plan to supervise the businesses that will become itsresponsibility.

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The ABBL this month published its comments relating to the draft law to transpose the third directive (Directive 2005/60/EC of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing).
The third Directive on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing aims to incorporate the June 2003 revision of the Forty Recommendations of the Financial Actions Task Force (FATF) into EU legislation.

Bankers' comments are definitely more responsible than comments at the time of the transposition of the second directive.

Especially they underline and deplore that Luxembourg will not tranpose all the provisions by the end of the year.

This is not serious for a center that communicates that it is at the Forefront of the Fight Against Financial Crime.

So is not seriousfrom the audit leader the absence of country report on economic crime.




Draft law
ABBL comments