The Daily Star - Business Articles - Torbey: Lebanese banks fully complying with anti-money laundering laws

The Daily Star - Business Articles - Torbey: Lebanese banks fully complying with anti-money laundering laws This is an interesting article for financial centers including Luxembourg. Slowly but surely a worldwide standard is emerging under the action of the Financial Action Task Force aka FATF/GAFI. The issue of implementing the FATF standards (40 + 9 recommendations), as they are presently worldwide to a large extent, makes way to another issue: AML policies tend now to get evaluated on results, not only national implementations of the standard rules. And regulators obviously will not promise no further action, based on implementation alone. There is actually a push to the contrary, mainly in the US, to a new kind of scrutiny: the emerging concept of the judicial and regulatory haven. That is certainly results based.

SFO Investigates Iceland’s Landsbanki

SFO coming to your door! Who would want that to happen?

http://www.icelandreview.com/icelandreview/daily_news/SFO_Investigates_Iceland%E2%80%99s_Landsbanki_0_375719.news.aspx

Dolce and Gabbana May Face a Criminal Trial for Tax Evasion

The New York Times had this good report and overview in general on the conflicts companies run into, when in an effort to "minimize" taxes, they end up paying very low or no taxes in foreign tax havens.

Of course they leave a very unhappy tax man at home, who is thinking about getting even. Those strategies are very often developed by reputable financial engineers and should stand any scrutiny. Often they don't. Hence also the question: is it worthwhile?

I personally believe that those tax shelters will go away in an age where every (generally large) government is hungry for taxes and will stand up against those (generally small) tax shelters. Just wait and see one of those G8 to 20.

Here it goes to the NYT article:

http://www.nytimes.com/2011/03/24/business/global/24taxes.html?pagewanted=1&_r=1

Did Europe’s regulators close ranks to keep out Hindujas? - Hindustan Times

The Hindustan Times has it all very well developed: Hinduja Group's proposed acquisition of KBL European Private Bankers, KBL epb, for $1.9 billion was nixed by the Luxembourg supervisory body, the Commission de Surveillance du Secteur Financier (CSSF). It is indeed a very intriguing decision that was taken in secrecy and it does not appear that there was a commercial reason behind the decision. If it is not a commercial reason, then it can only be fear. I exclude indeed plain simple meanness. Fear of what? Is it fear of competition, is it a reputational risk and why, is it fear of illicit activities (then prove it), or is it as the article suggests, a conspiracy of European regulators? It is clear already that it is fear of openness and transparency. Did Europe’s regulators close ranks to keep out Hindujas? - Hindustan Times

Miami-based Pacific National fined - Business - MiamiHerald.com

Miami-based Pacific National fined - Business - MiamiHerald.com

It has been in the works for some time. When OCC and FINCEN talk, they mean business.

UBS tricked Madoff victims with prospectus: lawyer - baltimoresun.com

A trickle down of tricks says the lawyer. See you on June 9th.

UBS tricked Madoff victims with prospectus: lawyer - baltimoresun.com

And then there is more: in the US Irving Picard is on the job too.

Juncker Says Euro-Area Transaction Tax Is Possible, Wort Says

Article on Bloomberg:

http://www.bloomberg.com/news/2011-03-24/juncker-says-euro-area-transaction-tax-is-possible-wort-says.html

Euro-Area Transaction Tax is possible?

Sure. The flawed policies creating the Euro, a currency without economic governance, were possible.

I trust we can put another layer on top of the monster, such as a tax to pay for the Euro's weaknesses. And why not allow some members to opt out? Everything is possible, but of course.

Luxembourg's FM in the ME

http://www.jpost.com/Features/InThespotlight/Article.aspx?id=210253

In candid, highly critical interview, Luxembourg’s FM Jean Asselborn presents window into European Left’s thinking on Israel.

Luxembourg challenged to become world leader in governance: Luxembourg for Finance

Luxembourg challenged to become world leader in governance: Luxembourg for Finance

It is not a check list issue, it is a results issue.

Luxembourg finmin blocks Libyan cenbank, LIA accounts

Yes, the finmin blocked the cenbank's account. A spokesman of the Minfin said the accounts held less than € 1 bil.

http://www.reuters.com/article/2011/03/08/luxembourg-libya-accounts-idUSBRU01135020110308