Ethics and governance in the European Financial centers

One of the key objectives of then ewly established Financial Crime & Intelligence Division (FCID) is to assess the nature and scale of financial crime and our performance in tackling it. It is often said that no reliable figures exist for financial crime, and many others suggest that the Financial Services Authority (FSA) should focus solely on tackling financial crime rather than measuring it.

A survey was carried out and released yesterday. In conducting this survey it became apparent from a very early stage that the FCID would not be able to establish the quantum of financial crime in the UK. After all, firms are unable to see the complete picture, and there was a common perception among respondents that all people involved in the fight to reduce financial crime can only see the tip of the iceberg. Despite this, the FCID is continuing to explore the potential for establishing a recognised methodology to assess the scale and incidence of
the financial crime in the UK.

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Many of these companies are involved in the European Financial Centers through their subsidiaries.

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Yesterday a conference took place in Paris to discuss the topic "Creating an Area of Criminal Justice in the European Union : Beyond the legal texts"

The organisator was The European Judges and Prosecutors Association (EJPA) , that aims at :
- gathering together judges, prosecutors and citizens from the European Union and from countries who have applied to EU membership, interested in matters of judicial cooperation ;
- improving the mutual knowledge of our judiciary systems.

Judges and prosecutors from eleven European countries discussed in Paris what is to be done to turn theory into practice. How to move beyond the legal texts towards a culture of systematic cooperation between national judicial authorities in the EU?

Luc Frieden, who is Minister of Justice in Luxembourg, opened the conference. Despite weaknesses in Luxembourg because in many cases negligence has replaced pragmatism he is willing to build an efficient legal and regulatory framework even though professionals may repudiate the will (Cf. the draft law to transpose the second directive and reactions to remove from the text sensitive provisions)

Detailed conference programme: http://www.amue-ejpa.org/en/contenu.php?id=2