Despite the emphasis recently given on regulatory and policy initiatives to promote a culture of transparency and openness in the financial markets, a number of leaks and scandals confirm that more needs to be done and new initiatives need to be taken, based on wider cooperation and exchange of information at European and international level.
There has been a body of literature underlining the problems that exist, the gaps in the legislative framework and the ineffectiveness of the current rules to tackle phenomena, such as money laundering and tax evasion. However, there is no literature and no projects approaching this problem from a multidisciplinary and interdisciplinary perspective with view to find what is missing and what needs to be done, instead of just highlighting the problem and its seriousness.
Although there seems to be consensus that illicit practices, such as money laundering and tax evasion, need to be prevented and more transparency should be promoted, little action has been taken in that direction and the outcomes are not the expected ones. Apart from the lack or proactiveness, there is considerable delay in the introduction of the necessary reforms that will promote transparency and will pave the way for the necessary change of culture.
Countries, such as the UK, Luxemburg and Switzerland, have been criticised for their inability or unwillingness to put an end at practices that undermine their credibility and standing as well-established financial hubs. This project aims at making practical policy recommendations, combining theoretical findings with real-life case studies, in order to ensure that these recommendations are reasonable, achievable and implementable.
The project brings together experts in law, finance and economics, who will work together with practitioners, policymakers and representatives of the business community, in order to determine how the existing framework can be improved, what is the missing link between law on paper and law in practice and ultimately what has not been done up until today by governments and companies respectively. The involvement of all stakeholders involved is intended to send the message that the existing culture needs to change, otherwise more scandals and stories of corruption will surface, creating further uncertainty and financial instability.