Strengthening the financial centre

On 29 July 2009, the government published the official version of its programme for the period 2009 - 2014. As far as the financial centre is concerned, the government foresees the following priority initiatives:

  • Pro-active support policy for the development of the financial centre as a main pillar of the Luxembourg economy.
  • Strengthening of the international orientation of the financial centre. In European negotiations, the Government will ensure that all obstacles to an efficient working of the internal market shall be removed.
  • Besides contributing to the development of the international activities linked to wealth management and investment funds, the government intends to diversify the activities of the financial centre (micro-finance, SRI, Islamic finance, philanthropy as a corollary to private banking).
  • Geographical diversification of the financial centre. Besides the traditional European markets, the government will attract new investors from other regions, by making the centre better known in, amongst others, the Americas, Asia and the Gulf countries. The network of double tax treaties shall also be extended to the countries of origin of new potential investors.
  • In order to ensure the legal security of new financial products, the government will accompany them with an appropriate legal framework. Particular attention will be paid to investor protection. The Government will closely monitor legal developments in other countries in order to safeguard the competitiveness of the Luxembourg financial sector.
  • The Government places great importance on the professional supervision of the financial sector and will actively contribute to international and European developments in the matter. With a mind to prevent risks, the government will encourage cooperation and exchange of information mechanisms amongst  competent national and European actors.

See full government programme.