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I'm guessing that the point being made isn't about the financial industry in that sense, which indeed was hung out to dry by brexit, but instead the financial t
by raesene9 5y ago
I'm guessing that the point being made isn't about the financial industry in that sense, which indeed was hung out to dry by brexit, but instead the financial transparency requirements that the EU are bringing in.
The UK (along with its crown dependencies) are large scale centres of shell companies and other mechanisms used by people to obscure their wealth. The UK has promised to reform this but appears to be dragging its heels...
- deleted 5y ago[deleted]
- buran77 5y agoOne thing which brought together a lot of people in varied European or international bodies, who otherwise didn't see eye to eye on much was the opinion that The City is probably the most corrupt place in the Western hemisphere, at least by volume of "shady money". Plenty on interests to keep that in the shade, although I wouldn't go so far as to say Brexit was solely about this.
- zinekeller 5y agoIn this case, shouldn't Luxembourg and Ireland (among others) worry also? They tend to hide these kinds of stuff, and is unlikely (Ireland)/very unlikely (Luxembourg) to leave EU and its single market?
- rusk 5y agoIrish public are intensely europhile, not just politically and economically but culturally and socially. It’s not even close to being on the list of options.
- raesene9 5y agoAFAIK Luxembourg and Ireland's focuses are slightly different. They both have very low rates of corporation tax, and that is starting to be addressed by things like the US plan for a minimum tax level. Also they're much smaller countries I can't see luxembourg being able to opt out of the EU to protect financial arrangements...
- kevingadd 5y agoIreland is putting in place reforms nowish, see https://news.ycombinator.com/item?id=28804895 https://news.ycombinator.com/item?id=28804895
- fredgrott 5y agoIt would be hard for a parliamentary to regulate such things when the royal family uses those loopholes
- raesene9 5y agoHonestly I doubt that's the reason. A large number of political donors using those loopholes on the other hand...
- qaq 5y agoIn practical terms big portion of illicit wealth from say Ukraine is being laundered through and finds safe heaven in Austria. So being or no being part of EU has little to do with it.