Ethics and governance in the European Financial centers

Les Echos yesterday reported that Patrick Littaye, co Access International Advisors, has summoned before courts CSSF and every UBS entities involved with Luxalpha (UBS Luxembourg, UBS Third Party Management, UBS Fund Services, UBS AG).

In his opinion CSSF could not ignore the links between UBS and Madoff.

I am sad for Luxembourg: they were not courageous enough at the begining to admit that they the local functioning opened the drift with Madoff as I demonstrated.

I stated the solution early this year: The only way for investors that are victims of a lax legal and regulatory framework to be respected would be a payment by the Luxembourg State that would go later before the court for the refund in the legal and regulatory framework it enforced.

Should they have compensated the clients, the issue would be over. The reality is that for clients recovering their money lost will be a "long shot" with expenses to pay for the lawyers that anyway will not be included in the surplus of the winding-up.

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Le Temps has reported that Patrick Odier, Chairman Association suisse des banquiers (ASB), is in favour a a new business model.

In his opinion, Clients should sign a document to confirm the money is taxed.

There would be a convergence between the fight against money laundering and the fight against tax fraud.

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