Ethics and governance in the European Financial centersAssessment of the actual ethical values in the European Financial centers2021-10-06T14:05:39+02:00All Rights Reserved blogSpiritblogSpirithttp://ethiquedesplaces.blogspirit.com/jturqueyhttp://ethiquedesplaces.blogspirit.com/about.htmlInfo exchange vs banking secrecytag:ethiquedesplaces.blogspirit.com,2012-09-06:29233552012-09-06T10:37:37+02:002012-09-06T10:37:37+02:00 Kang Beng Hoe wrote today an interesting analysis. He is is an executive...
<p>Kang Beng Hoe wrote today an interesting analysis. He is is an executive director of Taxand Malaysia Sdn Bhd, a member firm of Taxand, the first global organisation of independent tax firms.</p><p>In his opinion the question, which arises, is whether Article 26 in its revised form with paragraph 5 is incompatible with banking secrecy? The OECD's view is that meeting the standard of Article 26 involves only limited exceptions of bank secrecy rules. These should not undermine the overall credibility of such rules in protecting the privacy of bank customers.</p><p>He observes that Article 26 of the US Model is wider than that of the OECD as it says in its official commentary that: “The information to be exchanged is that which may be relevant for carrying out the provision of the Convention or the domestic laws of the United States or of the other contracting state concerning taxes of every kind applied at the national level.”</p><p><span style="font-size: x-small; font-family: arial, helvetica, sans-serif;"><span style="color: #333333; line-height: 21px;"><br /></span></span></p><p> </p><p><a href="http://biz.thestar.com.my/news/story.asp?file=/2012/9/6/business/11928472&sec=business" target="_blank">Reard article</a></p><p> </p><h2 id="story_byline" style="padding: 0px; margin: 0px 0px 10px; font-size: 11px; color: #666666; font-family: Arial;"> </h2><p> </p><p> </p>
jturqueyhttp://ethiquedesplaces.blogspirit.com/about.htmlDo as I say not as I dotag:ethiquedesplaces.blogspirit.com,2012-08-22:29207472012-08-22T10:03:54+02:002012-08-22T07:08:00+02:00 Some European jurisdictions like Switzerkand or Luxembourg or the UK...
<p>Some European jurisdictions like <a href="http://ca.news.yahoo.com/switzerland-objects-obama-campaign-film-slur-211344095.html" target="_blank">Switzerkand</a> or <a href="http://www.lessentiel.lu/fr/news/dossier/electionsusa/story/Le-Luxembourg-dans-un-clip-de-Barack-Obama-28236427" target="_blank">Luxembourg</a> or the <a href="http://www.scoop.it/t/tax-havens/p/2440006832/moving-money-laundering-investigations-into-top-gear-huffington-post" target="_blank">UK</a> may be upset and think that the USA are willing to kill their business.<br /><br />The USA raises actual problems with Libor or the use of banking secrecy in Switwerland or Luxembourg.<br /><br />However I wish the USA and Obama were more balanced by admitting their own responsibilities in the current mess and taking corrective actions :<br />- It seems that the subprime issue was <a href="http://en-maktoob.news.yahoo.com/us-not-prosecute-goldman-sachs-employees-abacus-deal-231341555--sector.html" target="_blank">hushed up</a>.<br />- Jurisdictions like <a href="http://www.tax.com/taxcom/features.nsf/Articles/727F12DE08C7051E8525766200826E3E?OpenDocument" target="_blank">Delaware</a> are not controlled and it seems there is no will to control.<br /><br />In medio stat virtus.</p><p> </p><p></p>
jturqueyhttp://ethiquedesplaces.blogspirit.com/about.htmlLondon is the ‘global capital of money-laundering’tag:ethiquedesplaces.blogspirit.com,2012-08-10:29191372012-08-10T16:01:26+02:002012-08-10T16:01:26+02:00 Britain is still the money-laundering capital of the world, according to a...
<p>Britain is still the money-laundering capital of the world, according to a special six-page investigation published in this fortnight’s Private Eye.</p><p>This it not a surprise despite FSA does a pretty good job of communication on issues compared to some regulators in other jurisdictions.</p><p> </p><p><a href="http://liberalconspiracy.org/2012/08/09/london-is-the-global-capital-of-money-laundering/" target="_blank">Read article</a></p>
jturqueyhttp://ethiquedesplaces.blogspirit.com/about.htmlBanks crimes are in every industrytag:ethiquedesplaces.blogspirit.com,2012-08-08:29187712012-08-08T07:37:08+02:002012-08-08T07:37:08+02:00 A very interesting video that explains that banks crimes are everywhere.
<p>A very interesting video that explains that banks crimes are everywhere.</p><p></p>
jturqueyhttp://ethiquedesplaces.blogspirit.com/about.htmlTo whom it may concern in Luxembourg: You liked the Madoff affair; you will enjoy the Apollonia Affairtag:ethiquedesplaces.blogspirit.com,2012-08-06:29185102012-08-07T09:20:30+02:002012-08-06T16:28:00+02:00 There is currently a very huge issue in France in the real estate sector...
<p>There is currently a very huge issue in France in the real estate sector with notaries, bankers and other professionals involved in a massive fraud.</p><p>Like for Madoff that was an American issue for some in Luxembourg some (the same?) might say it is a French issue. I am afraid not.</p><p>Guess where the money went?</p><p>LUX-EM-BOURG of course.</p><p>Once more, still and always the same destination that is said to be “business friendly”.</p><p><strong>I keep saying that the Corporate Registration is a mess with many red flags and those who leave this mess by not controlling or not willing to control what is going on are responsible for every case involving Luxembourg with a bad reputation of tax haven: not as a country where there is no tax, but as a lax jurisdiction, “business friendly” some say, with definitely a collateral damage for the financial sector.</strong></p><p>Let’s have a look on the company in the Memorial C: <a href="http://www.legilux.public.lu/entr/search/index.php?ss_soc=Bo+%26+zin&sr_soc=name&sr_fj=all&sr_tp=all&sr_date=all&sl_d=1&sl_m=1&sl_y=2012&sl_d1=1&sl_m1=1&sl_y1=2012&sl_d2=6&sl_m2=8&sl_y2=2012&page_len=100&page=result&submit=Chercher" target="_blank">BO&ZIN S.A. (R.C.S. Luxembourg B 125.374.)</a></p><p>As usual I can see the same kind of red flags when I analyze the publications</p><p>The company was <a href="http://www.etat.lu/memorial/2007/C/Html/0932/2007043208.html" target="_blank">created on 14 March 2007</a> by a French couple residing in Switzerland and represented by a Belgian citizen.</p><p>Directors were:</p><p>- ALPHA MANAGEMENT SERVICES (LUXEMBOURG) S.A</p><p>- Marc Schintgen</p><p>- Michal Wittmann</p><p>- KITZ S.A.</p><p> </p><p>The statutory auditor was ALPHA EXPERT S.A. (RCS B 88.567)</p><p>Statutes were <a href="http://www.etat.lu/memorial/2007/C/Html/1247/2007057887.html" target="_blank">modified on 18 April 2007</a>The couple was represented once more by the same Belgian citizen.</p><p>AUDIT & COMPLIANCE s. à r.l. supervised the contribution of a French company called Apollonia S.A.S. with an increase of the capital (Audit & Compliance no longer exists: it <a href="http://www.pwc.lu/en/press-releases/2011/fusion-domaine-audit.jhtml" target="_blank">joined PwC</a>)</p><p>On <a href="http://www.etat.lu/memorial/2008/C/Html/2307/2008115520.html" target="_blank">11 July 2008</a> ALPHA MANAGEMENT SERVICES (LUXEMBOURG) S.A, Marc Schintgen and Michal Wittmann resigned. The couple Jean Badache and Viviane Badache became directors, Jean badache being <a href="http://www.etat.lu/memorial/2010/C/Html/2807/2010153591.html" target="_blank">chairman of the board</a>.</p><p> </p><p>Observations:</p><p>It seems that the couple never came to Luxembourg in 2007: they were represented twice before the notary.</p><p>At the time of the assignment of AUDIT & COMPLIANCE s. à r. l., the issue was not known. However I wish these experts in compliance (see their PR when the firm was launched) would have been more sceptical ; they should have seen blatant red flags:</p><p>Marc Schintgen, director, was as well director of the auditor ALPHA EXPERT S.A. <a href="http://www.etat.lu/memorial/2006/C/Html/0178/C085439.3.2005.html" target="_blank">since 30 August 2005</a> (and <a href="http://www.etat.lu/memorial/2008/C/Html/0524/2008022684.html" target="_blank">renewed late 2007</a>)</p><p>ALPHA EXPERT S.A was <a href="http://www.etat.lu/memorial/2002/C/Html/1446/C61629.2002.html" target="_blank">created on 23 July 2002</a> by ALPHA MANAGEMENT SERVICES (LUXEMBOURG) S.A. and Philippe Lanciers, who is presented as chartered accountant sales engineer Solvay (“expert comptable, ingénieur commercial Solvay”), which sounds quite strange.</p><p>Alpha Expert is registered as Chartered accountant (www.oec.lu), but ALPHA MANAGEMENT SERVICES (LUXEMBOURG) does not seem to be.</p><p>ALPHA MANAGEMENT SERVICES (LUXEMBOURG) was the statutory auditor of ALPHA EXPERT S.A, Marc Schintgen being a director of ALPHA MANAGEMENT SERVICES (LUXEMBOURG) …</p><p>ALPHA MANAGEMENT SERVICES (LUXEMBOURG) presents itself as a fiduciary: they are neither a chartered accountant, nor a chartered auditor (“réviseur d’entreprises” in Luxembourg)</p><p style="text-align: center;"> </p><p style="text-align: left;"><img id="media-683725" style="margin: 0.7em 0;" title="" src="http://ethiquedesplaces.blogspirit.com/media/00/02/4252872201.jpg" alt="Alpha.jpg" /></p><p> </p><p><a href="https://asdevilm.org/" target="_blank">Website of Association Nationale des Victimes de l'Immobilier</a></p><p class="MsoNormal"> </p>
jturqueyhttp://ethiquedesplaces.blogspirit.com/about.htmlMajor Banks Help Clients Hide Trillions in Tax Havenstag:ethiquedesplaces.blogspirit.com,2012-08-06:29183812012-08-06T08:12:11+02:002012-08-06T08:08:00+02:00 Making money for a bank is not a shame. The problem is that many...
<p> </p><p>Making money for a bank is not a shame. The problem is that many banks are no longer supporting the economy and some jurisdiction do not care of the balance.</p><p>Everyone will be loser. Banks first.</p><p> </p><p><a href="http://videosift.com/video/Major-Banks-Help-Clients-Hide-Trillions-in-Tax-Havens" target="_blank">View Video</a></p><p> </p>
jturqueyhttp://ethiquedesplaces.blogspirit.com/about.htmlSwiss seek U.S. tax deal by year-end, but not at any price-papertag:ethiquedesplaces.blogspirit.com,2012-08-04:29182292012-08-04T19:00:00+02:002012-08-04T18:59:00+02:00 Reuters reported that the Swiss government still wants to settle a...
<p>Reuters reported that the Swiss government still wants to settle a long-simmering dispute with U.S. justice officials over undeclared funds stowed in Swiss offshore funds by year-end.</p><p>Switzerland wants the investigations dropped, in exchange for payment of fines and the transfer of names of thousands of U.S. bank clients. It also wants a deal to shield the remainder of its 300 or so banks from U.S. prosecution.</p><p>Switzerland was <a href="http://ethiquedesplaces.blogspirit.com/archive/2012/07/27/us-and-europe-in-accord-on-tax-evasion.html" target="_blank">one of the jurisdiction in agreement a couple of weeks ago</a> to fight tax evasion.</p><p> </p><p> </p><p><a href="http://uk.reuters.com/article/2012/08/03/uk-swiss-usa-tax-idUKBRE87208C20120803">Read article</a> from Reuters</p>