Ethics and governance in the European Financial centers

The CRF (Cellule de Renseignement Financier), which is the FIU in Luxembourg this month published its report for 2005 and 2006.
The report is very positive as it does not hide issues and especially :
- the fact that legally the attempt of laundering is not punishable in Luxembourg as concluded by judges in a judgement dated 12 October 2006
- the fact that the word "knowingly" that was added to the law of 12 November 2004 has increased the risks.

But on the other hand it does not give the same ethical version as professionals and politicians in Luxembourg.

See report in french

XBRL is a language for the electronic communication of business and financial data which is revolutionising business reporting around the world. It provides major benefits in the preparation, analysis and communication of business information. It offers cost savings, greater efficiency and improved accuracy and reliability to all those involved in supplying or using financial data.

Ten institutions has decided to implement the standard in Luxembourg :
- the Commission de Surveillance du Secteur Financier (CSSF),
- the Banque Centrale du Luxembourg (BCL),
- the Commissariat aux Assurances (CAA),
- the Association des Banques et Banquiers, Luxembourg (ABBL),
- the Association Luxembourgeoise des Fonds d’Investissement (ALFI),
- the Association des Compagnies d’Assurances, Luxembourg (ACA),
- the Institut des Réviseurs d’Entreprises (IRE),
- the Ordre des Experts Comptables (OEC),
- the Service Central de la Statistique et des Études économiques (STATEC) et
- the Société de la Bourse de Luxembourg S.A. (BdL).

This is a very good initiative to enhance financial reporting in Luxembourg.

See press release (in French)
Know more about XBRL

For the first time, an unhappy candidate for a licence of banker that did not accept the decision of the CSSF that contested his professional standing went to the administrative jurisdiction and won (Judgement dated 26 March).

The decision of the tribunal may be the consequence of a lack of transparency of the CSSF in its criteria to assess the professional standing and therefore the banker was able to demonstrate that the decision was not fair.

Source Land, dated 30 March 2007