Ethics and governance in the European Financial centers

Isle of Man Today has reported the reaction of the Island’s Treasury Minister Allan Bell on the research Tax Research and the Tax Justice Network issued recently on the subsidy of £270 million the UK provides to the Isle of Man Government a year. What did the honourable minister have to say?:

In his speech Mr Bell said the article [in the Observer] had been initiated by the Tax Justice Network which he described as a ‘motley crew doing their very best to stir up resentment against not just the Isle of Man but off-shore jurisdictions in general.’

‘They (the Tax Justice Network] will use every opportunity to undermine the Island and try to damage our economy,’ he said. ‘We do need to keep an eye on these sort of bodies as well.’

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XBRL is a language for the electronic communication of business and financial data which is revolutionising business reporting around the world. It provides major benefits in the preparation, analysis and communication of business information. It offers cost savings, greater efficiency and improved accuracy and reliability to all those involved in supplying or using financial data.

Ten institutions has decided to implement the standard in Luxembourg :
- the Commission de Surveillance du Secteur Financier (CSSF),
- the Banque Centrale du Luxembourg (BCL),
- the Commissariat aux Assurances (CAA),
- the Association des Banques et Banquiers, Luxembourg (ABBL),
- the Association Luxembourgeoise des Fonds d’Investissement (ALFI),
- the Association des Compagnies d’Assurances, Luxembourg (ACA),
- the Institut des Réviseurs d’Entreprises (IRE),
- the Ordre des Experts Comptables (OEC),
- the Service Central de la Statistique et des Études économiques (STATEC) et
- the Société de la Bourse de Luxembourg S.A. (BdL).

This is a very good initiative to enhance financial reporting in Luxembourg.

See press release (in French)
Know more about XBRL

The Institute of International Finance, Inc. (IIF), is the world's only global association of financial institutions. Created in 1983 in response to the international debt crisis, the IIF has evolved to meet the changing needs of the financial community.
The Institute of International Finance is committed to being the most influential global association of financial institutions. It has recently requested to be associated to the IMF works about the financial sector
When one looks on the website the keyword "AML", we have 0 results found for "AML"
When one looks on the website the keyword "laundering", we have 4 results found for "AML" (actually 3)
The topic may not be a concern despite a recent report.

Know more about the IIF
See press release "Financial Market Innovations Call for Intensified Cooperation Between Officials and Leaders of Private Finance "Know more See press release about their AML-CFT program