Ethics and governance in the European Financial centers

The media have reported what Luc Frieden said in the framework of an event that was organised by PwC Luxembourg for the financial center: the banking day.

He said that a bank without secrecy should be created as in 3 or 4 years banking secrecy will no longer be possible.

It is amazing that in its press release about the event ABBL does not quote this statement.

The Financial Times has repôrted that Gibraltar would have almost completed its transformation into a conventional financial centre.

“We have been repositioning Gibraltar away from the tax haven, the brass plate, the place where people just hide their money in the hope that nobody else will see it, much more into a financial centre of the onshore European variety,” Mr Caruana, chief minister, told the Financial Times.

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Reuters reported that according to Jeffrey Owens, a global crack down on tax evasion in financial centers is moving into a more difficult enforcement phase.

This is exactly what I said with the significant example of  Luxembourg where the enforcement is dubious.