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Luxembourg, Moscow MoU Strengthens Financial Center Ties

by Ulrika Lomas, Lowtax.net, Brussels
31 January, 2014

Luxembourg for Finance and the Department for External Economic and International Relations of the Moscow City Government have signed a Memorandum of Understanding (MoU) aimed at establishing a framework for partnership, with a view to developing their two financial centers.

The MoU was signed in Moscow by Luxembourg for Finance's CEO Nicolas Mackel and on behalf of the City of Moscow Government by Minister Sergey Cheremin.

According to Luxembourg for Finance, the Memorandum contains, in particular, provisions regarding mutual exchange of information on banking, financial services, securities legislation and regulations in force in their respective jurisdictions and on market trends in relevant international financial services activities and products.

Furthermore, the MoU provides for the organization of seminars and training courses on these issues, as well as assistance in facilitating contacts for market operators and in welcoming delegations. In order to further deepen their cooperation, it has been agreed to establish a bilateral working group.

Russia's leaders are pressing ahead with plans to make Moscow a global financial center. Luxembourg is actively supporting this development. In 2011, the Luxembourg regulator CSSF (Commission de Surveillance du Secteur Financier) signed an MoU with the Federal Financial Markets Service of Russia. Moreover, an amended double tax treaty between the two countries entered into force on January 1, 2014.

In the second half of 2014, Luxembourg for Finance plans a Financial Mission to Russia, under the leadership of Finance Minister Pierre Gramegna.

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