Ethics and governance in the European Financial centers

Since December 2005 I have been publishing on a regular basis on Luxembourg. I wrote a book in French the title of which is Vus, pas pris : essai sur les risques du monde des affaires au Luxembourg (Seen not caught : essay on the risks of the business world in Luxembourg). The book is sold online.

I have contacted many officials, politicians or professionals of the financial sector to work on public and official issues that weaken the credibility of the country and therefore its sustainable development as they are the visible part of the iceberg.

But issues officially do not exist in this country where everybody knows and support everyone for the growth and repudiate those who dare question.

There is like a "fuite en avant" (Flight forward) at a time when
1) the financial sector is no longer credible in its ethics compared to other centers despite a communication that will not change the facts that do not comply with statements for ethics or deontology,
2) the attractiveness for tax reasons (VAT) did not to last long.

It is not too late to change policies and behaviours: it depends on the political and professional will.

But there is no choice unless they want to be responsible for the collapse of the center.

In 2008 the Island’s framework to counter money laundering and terrorist financing is to be the subject of a review by the International Monetary Fund. Jersey will be assessed against the international standards set by the Financial Action Task Force on Money Laundering (“FATF”). The amendments to this draft Law have been formulated to achieve a number of the criteria set out in the 40 Recommendations and 9 Special Recommendations of the FATF, against which Jersey will be assessed and also to address inconsistencies in the current operation of the Proceeds of Crime (Jersey) Law, 1999, (“POCL”) the Drug Trafficking Offences (Jersey) Law, 1988 (“DTOL”) and the Terrorism (Jersey) Law, 2002 (“TL”).

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The 9th Yearly Session of the International Summit on Transnational Crime took place in the Principality of Monaco from October 24 to 27, 2007.

This event induces a genuine level of synergies among the participants. For 9 years now, it has been gathering:
- Business leaders from all fields, more especially bank, finance, industry and commerce
- Consultants, lawyers, accountants and tax advisers
- Heads of State and Government
- Specialised Ministers : Finance, Economy, Justice, Interior
- Speakers and Members of Parliament
- Governors of Central Banks
- Judges
- Representatives of International Organisations
- Specialised bodies and administrations dedicated to the prevention and prosecution of crime and related activities
- Academics and Journalists

This Summit focused with concerns that are essential today for the credibility of any company doing business across national borders. Transnational crime is a defining issue of the 21st century for political and business decision makers. Among the major themes addressed this year :
- The impact of the European Enlargement on Transnational Crime
- The Development of violence and crime in the suburbs
- The new development of counterfeiting in industrial spare parts and pharmaceutical industry
- Bringing compliance to the new Economies – Are certain offences inevitable in the new Economies ?
- The Impact of the Corruption of Official Authorities on Foreign Investment
- Piracy in the film and music Industries : overview of the new technologies; promoting a new response to piracy; piracy and information technology

Programme

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