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The Institute for Ethics and Economic
Policy (IEEP) Fordham University is a renowned
Jesuit institution with over 165-year history of emphasis on ethics. |
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LUXEMBOURG BRANDED A HAVEN FOR TAX EVADERS. A French parliamentary committee branded Luxembourg a haven for tax evasion and money laundering. The committee has examined Luxembourg's tax regime, its banking secrecy laws and its record on co-operation in cross-border financial investigations. According to Vincent Peillon, the chairman of the committee, Luxembourg has yielded to international pressure in recent years, "but they must go further and ... faster." The justice minister of Luxembourg said that the report was intended for a French domestic audience. (Financial Times, January 23, 2002, summary by Pavlidis George).
The Index of Economic Freedom (by Driscoll-Holmes-Kirkpatrick) for 2001 places Luxembourg in the “Free” category with a rank of 5 (Ranks range from 1 for Hong Kong to 155 for North Korea, Wall Street Journal, Nov. 1, 2000). H. D. Vinod’s trimmed correlation analysis indicates that countries free from economic regulation are less corrupt. After allowing for some exceptions by 20% trimming, the correlation is near 0.9. |
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Design:
Theo den Brinker |
Copyright:
Hrishikesh D. Vinod 2000 |
Last
Updated: |
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