Ethics and governance in the European Financial centers

I went through the Memorial C (the Luxembourg Corporate Registration) and I found a really strange situation that is worth commenting.

We have Company A with Mr X as Subscriber and director of Company A.
The object of this Company is the holding of participations, in any form whatsoever, in Luxembourg and foreign companies, the acquisition by purchase, subscription, or in any other manner as well as the transfer by sale, exchange or otherwise of stocks, bonds, debentures, notes and other securities of any kind, and the ownership, administration, development and management of its portfolio. The Company may also hold interests in partnerships.

We have Company B with Company A as Subscriber. Mr X who is Subscriber and director of Company A is appointed statutory auditor. Mr X havs the same professional address as the two directors of Company B
The object of this Company is the holding of participations, in any form whatsoever, in Luxembourg and foreign companies, the acquisition by purchase, subscription, or in any other manner as well as the transfer by sale, exchange or otherwise of stocks, bonds, debentures, notes and other securities of any kind, and the ownership, administration, development and management of its portfolio. The Company may also hold interests in partnerships.


Why the object is duplicated?
How the statudory auditor of the second company can do the job as he is subscriber and director of Company A that is subscriber of Company B?
What is the independance of the statutory auditor of Company B?


Such situations are definitely a risk for the reputation of the Luxembourg jurisdiction.

The OECD published a letter that Angel Gurria sent to Hans-Rudolf Merz on 2 April 2009.
Page 2 of this letter Angel Gurria writes that he informed that "there were no new criteria" and the OECD was "not reporting jointly with the FATF".

I cannot understand the reason why Angel Gurria had to confirm that the the OECD was "not reporting jointly with the FATF".

Why was it important to disconnect tax evasion and money laundering, that are however clearly linked?

Does the OECD fear jurisdictions that contribute with peanuts to the OECD budget?

Dowjones Business News and Easybourse have reported that Angel Gurria, referred in a letter to Swiss President Hans-Rudolf Merz to the "inaccuracy" of charges of unfair treatment made by Swiss officials.
Gurria said the OECD had acted in good faith and that the information it had provided to the Group of 20 industrial and developing countries was factual "and implied no judgment on the part of the OECD."
Gurria said he himself had warned Swiss officials that "the OECD standard was now moving towards 'defensive actions', meaning sanctions."

Know more

Read OECD press release

Read Angel Gurria's letter