Ethics and governance in the European Financial centers

In a recent article the Washington Post calls to end the tax haven business all the more than bank secrecy is not a terribly attractive business model for a national economy.

Some professionals and politicians in Switzerland still do not realise the paradigm shift.

Micheline Calmy-Rey made courageous statements that are reported in La Tribune de Genève.

Like the other jurisdictions with banking secrecy, Switzerland could not accept the OECD rules if competitors did not.

But what this Swiss minister adds is worth congratulating her for.
Dans le contexte économique actuel – où nos voisins souffrent d’une crise économique majeure – nous n’avions tout simplement plus le bon produit. Nous ne pouvions plus justifier que des milliards quittent illégitimement les caisses de nos partenaires.
“In the current economic context - where our neighbors suffer from a major economic crisis - we did not have quite simply the good product anymore. We could not justify any more that billions illegitimately leave our partners’ coffers.”

I cannot see such evolution in every jurisdiction on the grey list. For example, yesterday Prime Minister Juncker gave an interview stating that Luxembourg is not the problem and today Jean-Jacques Rommes, who chaired the Luxembourg Banker's association, did not make amends as well.


Both are denying that banks knowingly help to commit fraud, offshore abuses through Luxembourg with many dubious companies, the non implementation of OECD Recs despite an injunction last year, etc.

I do believe that Switzerland will abide by its commitments.

Dowjones Business News and Easybourse have reported that Angel Gurria, referred in a letter to Swiss President Hans-Rudolf Merz to the "inaccuracy" of charges of unfair treatment made by Swiss officials.
Gurria said the OECD had acted in good faith and that the information it had provided to the Group of 20 industrial and developing countries was factual "and implied no judgment on the part of the OECD."
Gurria said he himself had warned Swiss officials that "the OECD standard was now moving towards 'defensive actions', meaning sanctions."

Know more

Read OECD press release

Read Angel Gurria's letter