Wednesday, October 05, 2011

Financial Secrecy Index - a point about trusts

Another predictably angry response, this time from the Luxembourg Financial Centre. They hate our Financial Secrecy Index (of course) and have written a devious and distorted appraisal of it, for domestic consumption.

But there is one point they have made, which is worth noting:
"Some criticisms in the report are ridiculous. Luxembourg is criticised for not making available a public register of trusts domiciled in the country. Such a register effectively does not exist in Luxembourg for the simple reason that in Luxembourg the trust structure does not exist."
Luxembourg for Finance, like Jersey Finance, is advised to take some moments to consult our study properly, and particularly our methodology. Here is our summary of the situation with respect to trusts, in plain English:
2. Trust and Foundations Register: Is there a public register of Trusts and Foundations? This applies both to local trusts and foundations, as well as the local managers of foreign trusts.
Note that last sentence. And our more detailed report on this indicator notes:
"This applies to foreign law trusts administered by resident trustees."
That's quite clear.

Now having a register of trusts - whether they are domestically domiciled trusts, or domestically administered trusts - is a high standard to hold jurisdictions to. But we have high standards. Unlike certain jurisdictions: as our study makes quite clear.

And aside from all this, there is the matter of Luxembourg fiduciary contracts. Read all about that here.

A little more research, before firing broadsides, work wonders for credibility.

For those who want to read more about trusts, read our long primer here.

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