Ethics and governance in the European Financial centers

The Wort had reported that some Luxembourg MPs went in Paris to meet their colleagues in order to clarify what they think is a misunderstanding of the financial center of Luxembourg.

The Wort has reported that French MPs were dissatisfied with the willingness to cooperate of Luxembourg, which concerns the determination of possible tax dodgers.

Laurent Mosar, a Luxembourg delegate who is a lawyer, told that banking secrecy does not exist to protect criminals or tax dodgers.

But the problem is that his colleague Lucien Thiel, who is the former chairperson of the Luxembourg Bankers’ Association, stated last year that it is not Luxembourg duty do control if the taxpayer was honest and that Luxembourg is not compelled to communicate clients’ data.

Additionally, despite the debate on tax evasion, Luxembourg bankers go on helping foreign citizens in tax evasion as TV demonstrated.

The Luxembourg MPs take the others for idiots. Just like on a general level Luxembourg takes the other countries for idiots while not being able to reach the ethical level of credibility of other countries with banking secrecy as this jurisdiction is money-driven with the rule "Business over ethics".

Reuters has reported that a Luxembourg court ordered Swiss bank UBS to disclose some confidential documents within eight days or face a fine of 250 euros ($313.40) per day up to a maximum of 250,000 euros.
May be UBS will appeal the Luxembourg court order, like in the Oddo order case.

The Wort has reported that members of the Chambre des Députés in Luxembourg are today in Paris to meet their colleagues in order to support the financial center of Luxembourg by discussing what they think is misunderstanding.

Their concern is not to correct the reason why Luxembourg is perceived a a tax haven, banking secrecy and law tax being not determining in themself.

What is determining is the deep culture of professionals and politicians as expressed by the head of the ABBL :
- former head Lucien Thiel, for whom it is not the duty of the center to verify is the taxpayer was honest : he is one of the delegates in Paris,
- current head Jean-Jacques Rommes, for whom when clients are committing fraud it is not the banker who started : but the banker was helpful to commit fraud and went even further by proposing a scam through the jurisdiction of Panama.

They definitely never ever repudiated the recurrent behaviour of Luxembourg bankers in favor of fraud and foreign fraudsters.

Recurrent, as demonstrated the German TV and more recently the Belgian TV.

And this is the way the center have been growing for years. The use of secrecy to commit fraud as well as the abusive use of secrecy for actions of obstruction to justice.

This is the reason why Luxembourg is definitely a "tax haven". Not because of banking secrecy and low taxes. But because of a business culture on the field with one single rule : business over ethics.