Ethics and governance in the European Financial centers

I found on the internet interesting academic analysis from American students.
One is relating to tax havens.

"Today's typical tax haven is no longer the palm-fringed island bathed in year-round glorious sunshine. It is more likely to be the city-centre skyscraper of a worldwide consultancy firm, set in a country that has skilled professionals and sophisticated international communications"(Butler, Phelps & Gartland, 1996, 31) Given that definition, then Switzerland, Liechtenstein and Luxembourg are "offshore" even though they are far inland. This is because those countries have the reputation, legislation and well-developed infra



Read paper

Selected representatives from the fields of business, politics, and research met on 4/5 October 2007 for the 4th Liechtenstein Dialogue in Vaduz. The approximately 150 participants from different countries discussed the needs of the financial sector and future strategies for successful financial centers.

There is no support material available yet.


Read govermental communication

Minister Luc Frieden was invited last May 2007 to participate to the annual assembly of the ALPP (Association Luxembourgeoise des Professionnels du Patrimoine), which is a non-profit organisation that includes over 100 independent companies, established in Luxembourg.

What was said is perfect illustration of the fact that in Luxembourg business is business without shame but with governmental support.


"We are loosing business and many clients are discouraged. It is necessary to renew and inject dynamism into the financial center", the Chairman said.


"Should a large financial center like ours exaggerate or be more lax with the risk of a couple of scandals. Yes we may have exaggerated some procedures but this was a general trend in Europe. I hope we have not done badly at that is still possible to go backward. I am ready to give up some requirements", Minister Frieden said.

The center is not lax enough compared to other centers and especially the United Kingdom and even Switzerland?


Read article in French