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End of banking secrecy within European Union scheduled in a couple of months

In a recent interview Laszlo Kovacs confirmed that banking secrecy should be given up in a couple of months.

Algirdas Semeta, who is his sucessor, will go on the same policy as him.

13:58 Posted in General | Permalink | Comments (1)


European Union (EU) Tax Commissioner-designate Algirdas Semeta has urged member states to increase pressure on Austria and Luxembourg to sign the anti-fraud agreement with Liechtenstein

During a recent EU parliamentary committee meeting, the designated Tax Commissioner emphasized the fact that there are still member states within the EU who continue to oppose the agreement.

Given that the anti-fraud agreement with Liechtenstein is expected to serve as a model for the negotiation of further agreements with other countries, such as Switzerland and Monaco, it is imperative that the agreement is signed and sealed, he continued.

Source: Tax news

05:17 Posted in General | Permalink | Comments (0)


The more powerful people are, the more "moral hypocrisy" they have

Richard Murphy yesterday quoted Telegraph that published an article about a study from Professor Adam Galinsky, Kellogg School of Management at Northwestern University in Illinois. The study is available in the journal Psychological Science.

"The powerful impose rules and restraints on others while disregarding these restraints for themselves, whereas the powerless collaborate in reproducing social inequality because they don't feel the same entitlement", Professor Adam Galinsky said. 

This reminds me of what was said a study that Transparency International published exactly 10 years ago : TI Source Book 2000.

In the first chapter, TI uses a short definition of corruption that is relevant in the context of Professor Adam Galinsky's observations: “the misuse of entrusted power for private benefit”

In this there are three elements

1. a misuse of power

2. a power that is entrusted (i.e. it can be in the private sector just as much as in the public)

3. a private benefit (i.e. not necessary personal to the person misusing the power, but including as well members of his or her immediate family and friends)

11:17 Posted in General | Permalink | Comments (0)