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O.E.C.D. MEETS NEXT WEEK
PARIS. OECD's Forum on Harmful Tax Practices meets here June 11-13. But blacklisted tax havens, emboldened by the US stance, are still demanding answers and clarification about the dying 'harmful tax competition' initiative.More on this story here.
200 ECONOMIST OPPOSE O.E.C.D.
MILTON FRIEDMAN, the celebrated Nobel Prize winning economist joins 200 colleagues asking Pres. BUSH to stop the phony OECD attack on "harmful tax competition."More on this story here and here.
CALL FOR CAYMANS REVERSAL
GRAND CAYMAN, BWI: The Cayman Islands is asked to revoke its letter of commitment to the OECD's high tax campaign.More on this story here.
PACIFIC TAX HAVENS RELIEVED
The COOK ISLANDS and other Pacific tax haven nations welcome an end to the OECD's campaign in the wake of the US policy reversal.More on this story here and here.
U.S. SENATE PROBES OECD FINANCES
Demands for an accounting produce a pledge of OECD cooperation.More on this story here.
U.S. RADICAL LEFT ATTACKS BUSH, O'NEILL
Mother Jones has a fit over the new US pro-tax haven policies.More on this story here and here.
HOW WE GOT WHERE WE ARE
A UK law firm provides a lengthy history of the OECD, FATF campaign against tax and asset haven nations.More on this story here.
BERMUDA NOW WORLD TAX COLLECTOR
HAMILTON. As of June 1, all tax evasion becomes a crime in no-tax Bermuda, allowing foreign tax authorities to pursue their citizens suspected of tax evasion, as well as their asset here.More on this story here.
BAHAMAS TAX INCREASES?
NASSAU. A few days after he promised "no new taxes, the Finance Minister says "may be" to new taxes.More on this story here and here.
Derek SAMBROOK's latest observations on the offshore scene, as seen from one of the remaining tax/asset haven nations.More on this story here.
BRIT LABOUR ATTACKS BELIZE
The fiscal militants of Britain's left pursue their vendetta against offshore jurisdictions in general and Belize in particular.More on this story here and here.
BRIDGETOWN. The government of BARBADOS says it will use sting operations to ferret out financial scams.More on this story here.
ANTI-TAX HAVEN PROTEST TARGETS JERSEY
ST. HELIER. This Channel Island braces for French "anti-tax haven" protesters coming ashore this weekend.More on this story here and here.
MAN COMES IN FIRST
DOUGLAS. The Isle Of Man wins the annual "Best International Financial Services Center Award."More on this story here.
SWISS-LEICHTENSTEIN SECRECY PLEDGE
Top leaders of both nations pledge continued financial and bank secrecy.More on this story here.
Only 12 free nations out of 161 remain. That's only 7% of the world's countries. 10 of the 12 free countries are among the world's smallest, so freedom occupies less than 7% of the world's land mass.More on this story here.
ENLIGHTENED BLAIR SAYS HIGH TAXES BOOST OFFSHORE
LONDON. Running for re-election, the British PM admits high income taxes drive citizens offshore.More on this story here.
E.U. WITHHOLDING TAXES AGAIN
BRUSSELS. The EU is still talking about imposing taxes on non-resident savings interest, but the UK balks.More on this story here.
IRISH TAX AMNESTY
DUBLIN. IŁ700 million may roll in before a deadline for voluntary disclosure by tax evaders hiding cash in non-resident accounts.More on this story here.
EVERYONE A GREENSPAN
ZURICH. A new downloadable PC game allows you to hone your skills as a central banker, courtesy of the Swiss National Bank.More on this story here.
TAIPEI, TAIWAN. "Money laundering crackdown reveals hypocrisy of rich," says our Asian correspondent.More on this story here.
GENEVA. New Swiss software helps money managers spot clients engaged in suspicious activities or dirty money transactions.More on this story here.
Information on Swiss anti-money laundering laws (English),More on this story here.
BRUSSELS. The EU's top police agency, Europol, is investigated by Dutch criminal authorities for alleged fraud and money laundering.More on this story here and here.
The very same Europol warns the new E500 bill, worth about US$425, could increase and make easier money laundering.More on this story here.
LONDON. New Labour's latest anti money laundering proposals are protested for forcing accountants to spy on clients.More on this story here.
LONDON. A UK court upholds banking privacy, refusing to allow the Home Secretary to trace alleged corrupt money in the absence of prior proof of a crime.More on this story here and here.
BRUSSELS. As the euro conversion nears, all cash transactions are booming, especially in Ireland.More on this story here.
POLICE FEAR EURO NOTE CRIME WAVE
The high value of euro banknotes may make financial crime easier by enabling criminals who transfer cash across borders to cram more money into briefcases, European police fear.
Europol, the European Union law enforcement agency, has warned that the existence of a E500 bill -- worth approximately $425 -- could lead to a rise in money laundering after the introduction of euro notes and coins in January.
"Law enforcement authorities fear that especially high denominations (of E200 and E500) may facilitate the process of money laundering," Europol said in a report.
"During the change-over period an increase in suspicious transactions is foreseen," it added.
In 11 out of the 12 eurozone countries, the highest-value euro banknote - the E500 - will be worth more than the biggest domestic note.
In Luxembourg, where the most valuable banknote is 5,000 francs, the E500 will be equivalent to 20,117 francs. In Greece, the E500 will be worth 17 times the highest drachma note.
The highest denomination of the US dollar in general circulation - the currency of choice for organised crime - is $100, equivalent to E125.
"If you were to design a system to facilitate money laundering, then the large euro note would be what you would design," said Michael Levi, professor of criminology at Cardiff University.
Officials at the European Central Bank, which is co-ordinating the changeover to the euro, say six countries - Austria, the Netherlands, Finland, Belgium, Italy and Germany - already have banknotes worth about E200 or more.
They argue that E500 bills will only make up some 3 per cent of the 14.25bn notes to be issued from January 1.More on this story here.
SECOND NICE POLL SEEMS CERTAIN
The Irish Government is seeking a way out of the crisis caused by the rejection of the Nice Treaty. The result was greeted with shock and dismay throughout Europe.
The Taoiseach, who last night said he was "deeply disappointed", will travel to Gothenberg next Thursday for an EU summit which will be overshadowed by Irish voters' rejection of the treaty by 53.87 per cent to 46.13 per cent.
Mr Ahern and his EU counterparts will discuss how best to lay the ground for what will almost certainly be a second referendum on the treaty before the end of 2002 deadline. However, prominent No campaigners last night rejected the idea of another poll, with Mr Anthony Coughlan describing such a suggestion as "shameful".
Preliminary discussions on how to proceed will begin when the Minister for Foreign Affairs Mr Cowen meets his 14 opposite numbers in Luxembourg on Monday. But there is no Government plan at this stage to deal with the result, which took the Coalition by surprise.
The treaty was rejected by 53.87 per cent of voters, with 46.13 per cent voting to approve it. Just 34.79 per cent of the electorate voted, the lowest turnout in the five EU referendums since 1972.More on this story here.
IRATE IRISH REJECT NICE
DUBLIN. Having had enough, voters in Ireland reject the European Union's Treaty of Nice, causing an EU constitutional crisis.More on this story here and here.
But the EU says it does not care what the Irish people want.More on this story here.
THE OECD BATTLE REPORT
The Center for Prosperity & Freedom sums up the anti-OECD battle in a memo to tax haven leaders.More on this story here.
* SWISS bankers try US damage control. LINK: here.
* LUXEMBOURG shaken by money laundering charges. LINK: here.
* IRELAND & LUXEMBOURG are set for a mutual fund boom due to new EU securities rules. LINK: here.
* LIECHTENSTEIN is still raking in cash, even as it cleans up it anti-ML laws and image. LINK: here.
* CYPRUS-RUSSIAN CONNECTION. Millions in funds from Cyprus banks gush back to Russia. LINK: here.
DENVER, Colorado. Would anyone outside the US in his right mind voluntarily submit cash to the jurisdiction of the IRS, the US judicial system and American trial lawyers?More on this story here.
TAX FREE CANADIANS
Unlike US citizens forever doomed to pay taxes, Canadian citizens can become non-residents and bid Canadian taxes good-bye.More on this story here.
KWAJALEIN ATOLL. Having unjustly tarred the Marshall Islands for alleged money laundering, the US government treats its inhabitants like colonial vassals.More on this story here and here.
GRENADA BANK LAWS TOUGHER
ST. GEORGE's. Pending an OECD review, the government says it will impose stricter offshore financial laws.More on this story here.
OECD THREATENS US LAWS
Noted offshore legal expert, Bruce Zagaris, explains.More on this story here.
Europe is bracing for strikes, mechanical breakdowns and an epidemic of scams when its new bills and coins arrive on January 1st. Is the euro monster really that dangerous?More on this story here.
U.S. TRIAL LAWYERS
Yet another reason Americans move their finances offshore; the rapacious greed of litigious US attorneys.More on this story here.
SWISS NIX CAPITAL GAINS TAX
BERN. The Swiss parliament rejects a proposed 25% CG tax on the sale of shares and bonds.More on this story here.
HIGH TAXES = BLACK MARKET
ATHENS. A highly politicized GREEK tax system causes tax evasion and a black economy of 30% of its GDP.More on this story here.
U.N. URGES RUSSIAN CRACK DOWN
MOSCOW. The UN says Russia's government must stop an estimated US$3 trillion annual dirty money flow.More on this story here.
EVERGREEN OFFSHORE FUND FRAUD
Evergreen Securities, a $218 million fund in Orlando, Fla., leaves 2,000 offshore investors in the hole.More on this story here and here.
Grand schemes: the shadowy man allegedly behind the fraud,More on this story here.
CANADA M.L. LAW FAULTED
OTTAWA. Canadian plans to halt money laundering are doomed, says a leading criminal law expert.More on this story here and here.
BERMUDA REAL ESTATE
HAMILTON. As luxury condominium and residential units are built, Bermuda is becoming more attractive to wealthy foreigners.More on this story here.
COMPUTER VIRUS NOTIFIES POLICE
Consider the wider implications of a new rogue "worm" that invades your computer, looks at your files, then reports you to the police.More on this story here.
U.S. FBI CAN INVADE FOREIGN COMPUTERS
A federal judge rules that FBI agents can download evidence from computers of suspects outside the US, that foreign PCs are beyond protections of US law.More on this story here.
U.K. CYBER COPS SNOOP SOFTWARE
New trojan software allows police remotely and secretly to monitor in suspects' computer activities anywhere in the world.More on this story here.
US POLICE GET MEDICAL RECORDS
US police searching for criminals may get broad access without a warrant to private medical records.More on this story here.
PGP AT 10
Phil Zimmermann's Pretty Good Privacy encryption software was first released on June 5, 1991.More on this story here.
The U.S. Postal Service conducts constant customer surveillance program, reporting suspicious activity to the police.More on this story here.
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