Ethics and governance in the European Financial centers

If bankers and politicians (that are their servants) in Luxembourg denies TJN's findings, in the UK, David Taylor, Member of Parliament for North-West Leicestershire, asked:

"The Tax Justice Network has done the world a great service in producing its global index of secrecy, which reveals the most secretive financial centres—the City of London being the fifth worst. Why cannot we take an international lead in tackling tax avoidance by first ending the clandestine and corrupting culture that permeates the City of London?"

Jersey Evening Post has reported that both Jersey and Guernsey have opposed the move, saying that to sign up to the EUSD before their competitors could damage the finance industry.

Jersey’s current position is that it will do so when everyone else does – when there is a ‘level playing field’ – but the report states that Jersey should get on with it, and calls on the UK to put pressure on other countries to sign up too.

A "level playing field" ? This is the concept that seems to have been launched by Luxembourg, you know the jurisdiction where economic and financial crime does not exist according to officials and bankers but was ranked number 2 on the Financial Secrecy Index. "The smooth functioning of the internal market should not be forgotten and we must ensure there is a level playing field for the principal financial centres.” , Luc Frieden said late October.