Ethics and governance in the European Financial centers

Having a code of conduct and communicating in an appropriate way about Corporate Responsibility do not prevent drifts.
PricewaterhouseCoopers has been urged to give back its audit fees for Northern Rock work.

"You've audited and provided comfort letters for the biggest banking disaster in 150 years"' Tory MP Michael Fallon said.

The difference is the culture of the center where the auditor works wants analysing. In the UK there is the anglosaxon culture to investigate and tighten up the ship, which mitigates risks in a way for the brands because of the dissuasive effect.
In Luxembourg everyone - politicians, professionals, media - to hush up issues, which actually emphasize risks for the brands in a world of transparency and communication all the more than there is no dissuasive effect.

But I think that PwC UK should communicate and in a general rule firms must communicate when they face issues. In another sector this is what Total is doing about the sinking of the tanker ERIKA (read in French) which is positive from a CSR point of view no matter what will be the conclusion of the trial mid January 2008.

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F. McKenna's analysis
Accountancy Age
Guardian
Telegraph

National Audit Office Report on the Crown Protectorates demonstrates that the enforcement of the legal and regulatory framework is not credible in these financial centers (see p 23 of the report).
The positive thing is the transparency of the Audit Office on the issues. The bad thing is that the political will is missing as british authorities are aware of the situation.


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35th Plenary Meeting - Strasbourg, 3-7 December 2007

GRECO will examine for adoption the draft Third Round Evaluation Reports on Finland, Slovenia and the United Kingdom, as well as a draft Addendum to the First Round Compliance Report on Greece and the draft Second Round Compliance Reports on Croatia and Romania.

The composition of Evaluation Teams for the next wave of Third Round Evaluation visits in respect of Poland, Spain, France, Norway, Denmark, Albania, Belgium and Lithuania, as well as for the Joint First and Second Round Evaluation visits to the Russian Federation, Italy and Monaco will be established.

An exchange of views with Mr Franz-Hermann BRÜNER, Director General of the OLAF (European Anti-Fraud Office) will take place at the end of the week.

The Plenary will select a substantive issue to be included in the General Activity Report for 2007 and adopt its Programme of Activities for 2008.

GRECO’s President, Mr Drago KOS, will also deliver a statement in view of the International Anti-Corruption Day (9 December).

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