Ethics and governance in the European Financial centers

The OECD's Working Group on Bribery sharply criticised the United Kingdom’s failure to bring its anti-bribery laws into line with its international obligations under the OECD Anti-Bribery Convention and urged the rapid introduction of new legislation (watch the press conference).

Current UK legislation makes it very difficult for prosecutors to bring an effective case against a company for alleged bribery offenses. Although the UK ratified the OECD Anti-Bribery Convention 10 years ago, it has so far failed to successfully prosecute any bribery case against a company.

In light of the numerous issues of serious concern, the Working Group has requested the UK to provide quarterly written reports on legislative progress for each Working Group meeting. It may also carry out follow-up visits to the UK, and may take further appropriate action after it considers the reports or any on-site visits.

The Working Group warned that uncertainty over the UK’s legislative framework may trigger a need for increased due diligence over UK companies by their commercial partners or multilateral development banks.


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President George W. Bush, French President Nicolas Sarkozy and European Commission President Jose Barroso yesterday agreed invite world leaders to participate to a series of summits on the global financial crisis, with the first held in the U.S. after the US presidential election.

"We live in the 21st century, but we continue to apply 20th century rules. Hedge funds cannot continue operating as they have in the past; tax havens, neither; financial institutions that are under no supervisory control -- this is no longer acceptable, this is no longer possible. Together, among friends, among allies, we must be able to say to the world that we are determined to find a solution together, to find answers together."

(President Nicolas Sarkozy)


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The last days the press reported that Fortis and Dexia, two major European banks that would have collapsed without the rescue of States, organised in Monaco a costly meal a couple of weeks after this rescue.

This is indecent.

Even though management of the banks explained these lunch were scheduled a long time ago, because of the crisis, they should have been cancelled or at least postponed.

Furthermore the lunchs took place in Monaco, a financial center that is considered as a tax haven, and even a non cooperative tax haven in the small list provided by the OECD . It was for the launch of a subsidiary in this tax haven for Dexia Private Banking.