Ethics and governance in the European Financial centers

Ten years ago the OECD published its report on Harmful Tax Competition: An Emerging Global Issue. This was followed by a series of concrete measures designed to limit some forms of harmful tax competition, such as preferential regimes in OECD countries and offshore tax havens. The OECD initiative has met considerable resistance and in some ways has fallen short of its goals.

Reuven S. Avi-Yonah, from the University of Michigan - Law School, argues in a paper that it has been a worthwhile effort and has achieved some measure of success and outlines some future directions for the project.

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The financial Times has reported that the anti-bribery working group of the Organisation for Economic Co-operation and Development attacked London’s performance in a letter delivered to the government in June.

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The AFP has reported that Liechtenstein ruler Prince Alois said the principality should cooperate with foreign states on tax evasion issues, saying that changes could yield opportunities for its financial sector.

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