Tax Haven Shrugs Off Fallout From Bernie

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For those concerned that Switzerland's recent epiphany on taxes was going to invigorate the global campaign against frauds of all colors, former Swiss grey list partner, Luxembourg, offered some soothing words. When asked about how the damage from King Ponz's scheme was going to alter the local financial landscape, the director-general of the Commission de Surveillance du Secteur Financier, Jean Guill, likened the impact from the $50 billion fraud to a mosquito bite.

"I don't think it has really damaged in any measurable way the fund industry here in Luxembourg ... You have to start from the fact that this was fraud and there will always be fraud

One can only admire the tiny tax haven for taking a leading role in disclosure advocacy with its 'there will always be fraud' campaign.

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