Ethics and governance in the European Financial centers

The AFP has reported that Liechtenstein ruler Prince Alois said the principality should cooperate with foreign states on tax evasion issues, saying that changes could yield opportunities for its financial sector.

Know more

According to the Financial Times, Senior executives at UBS, the Swiss bank being investigated by US authorities, knew some of their bankers had acted in a way that meant they risked breaching American securities laws at least a year before the US inquiries began. This is demonstrated by a letter.

The QI program has recently been the focus of several discussions involving the IRS, the US legislator and some
international accounting firms. The much broadcasted purpose was to set up potential enhancements to the Qualified Intermediaries (QI) regime in order to prevent tax avoidance techniques used by certain US taxpayers. As a result, revised QI rules are expected before the year end.
PwC Luxembourg proposes a review of activities and procedures to comply.