Wealth International, Limited

Offshore News Digest for Week of August 13, 2001


OFFSHORE PRIVATE BANKING BOOM

A new study says offshore private banking is showing huge growth, despite, (or because of), all the OECD false attacks and propaganda.

More on this story here.

U.S. BANKS NO PLACE FOR DIRTY MONEY

Earlier this week we reported Sen. Carl LEVIN (D-Mich) had introduced a bill that would severely restrict US banks role in offshore banking. His excuse was, as usual, money laundering.

More on this story here and here.

In Manila, where a major scandal features alleged millions stashed in US banks by ex-President ESTRADA, a local newspaper explains why "Anyone wishing to hide his ill-gotten wealth will never pick on a US bank to place his money."

More on this story here.

U.S. FBI BECOMES A WORLD POLICE

The fumbling FBI's expansion into an international law enforcement agency is a mistake for many reasons, says Alan BOCK.

More on this story here.

LIECHTENSTEIN TRUSTEES BARE ALL

As part of a "get off the FATF blacklist" deal, Liechtenstein trustees are exposing data relating to "economically authorized persons" in the principality, including personal client profiles.

More on this story here.

Which may explain why the Liechtenstein Landesbank (LLB) profits dropped 7.1% last year with gross earnings also down 9%.

More on this story here.

SWISS PURSUE ABACHA PLUNDER

Swiss authorities question bankers and lawyers about $4 billion shipped by ex-Nigerian dictator ABACHA through Swiss and UK banks. Law suits are filed.

More on this story here.

MANX OFFICIALS DENY TAX EVASION

DOUGLAS, Isle of Man. Officials here take umbrage over Irish media charges about local financial secrecy laws hiding tax evasion. There are no such laws.

More on this story here.

IN THE PACIFIC:

HONG KONG is upset by possible tax increases.

More on this story here.

A New Zealand journalist is banned from a Pacific Islands Forum in NAURU after reporting alleged involvement in the tax haven's banking by the Russian Mafia.

More on this story here.

PANAMA HELPS RUSSIA CLEAN UP

Panama is an unlikely savior for a Russia seeking to avoid FATF sanctions for its anti-money laundering laxity.

More on this story here.

CARIBBEAN HAVENS THUMB NOSES AT U.S.

Prime ministers of Antigua, Dominica, Grenada, St. Kitts-Nevis & St. Vincent plan official visits to LIBYA seeking financial aid.

More on this story here.

GRENADA BANK MESS

The First International Bank of Grenada mess slowly is unraveled.

More on this story here.

Liquidator's second report available as a free pdf file here.


OFFSHORE TAX COMPETITION PRIMER

"Why Tax Harmonization and Information Exchange Undermine America's Competitive Advantage in the Global Economy."

More on this story here.

O.E.C.D. BOOSTS AUSSIE TAXES

CANBERRA, Australia. The busybodies at the OECD advise the government here to raise taxes on the wealthy.

More on this story here.

And the OECD wants AUSTRIA to crack down on trusts and other tax savings devices.

More on this story here.

NEW LABOUR TAXES SELF, CREDULITY

LONDON. For a a few hours it looked like PM TONY BLAIR and his cabinet colleagues might have to pay taxes like other Brits.

More on this story here and here.

GOLDMAN SACH'S ASIAN TROUBLES

First in JAPAN, now in SINGAPORE.

More on this story here.

STRONG DOLLAR'S DAYS NUMBERED

US policy makers risk losing credibility if they continue to talk up the currency.

More on this story here.

RELIGIOUS INVESTMENT FRAUDS GROW

Regulators warn growing numbers of religion based US offshore investment schemes are defrauding unwary investors.

More on this story here.

Here's an example: minister gets 27 years in jail for a $448 million (320m) scam defrauding over 18,000 people.

More on this story here.

MONEY LAUNDERING

Inevitable - the Internet is being used by dirty money launderers. Does this mean government will require reporting all e-mails?

More on this story here.

SOUTH AFRICA: A new anti-ML law here imposes heavy burdens on an already faltering financial sector.

More on this story here.

RUSSIA: To get off the FATF blacklist, Pres. PUTIN signs a new anti-ML law requiring reports of all $20,500+ transactions.

More on this story here and here.

Russia's growing band of nouveaux riches oligarchs have fought the tax police, political foes and business rivals. Now tycoons face a new threat: legal action by their first wives.

More on this story here.

U.S. GOVERNMENT SPYING CHALLENGED

US officials invoke 'national security' to shield new computer key stroke spying technology from court review.

More on this story here.

US judges disable government software monitoring them.

More on this story here.

Law suits against new US government spying technology.

More on this story here.

U.S. LAWYERS MAY SQUEAL MORE ON CLIENTS

The ABA votes to expand loopholes in lawyer-client confidentiality restrictions.

More on this story here.

UNDERCOVER U.S. PROBES HALTED

OREGON Supreme Court says lawyers are not allowed to lie or deceive, so they can't take part in undercover police investigations.

More on this story here.

The official IRS Criminal Investigation Handbook describes in 95 chapters investigating procedures, including undercover operations and surveillance. Read it here,

More on this story here.

Surveillance & Non-Consensual Monitoring

More on this story here.

Undercover Operations

More on this story here.

U.S.-BAHAMAS TAX TREATY

WASHINGTON. US Sec. of State Colin POWELL postponed a trip to The Bahamas last week because a tax treaty between the two countries wasn't ready. Depending on it terms, the treaty could spell the end of the islands as a tax haven for US persons.

More on this story here and here.

O.E.C.D. IS A MESS

PARIS. Don't take our word for it. The tax haven bullying Organization for Economic Co-operation and Development suffers from cumbersome governance structures and unpredictable cash flows.

More on this story here.

BERMUDA LOOPHOLE WAR

A US insurers association blasts US efforts to block insurance company tax breaks available in Bermuda.

More on this story here.

ANDORRAN BORDER WAR

High in the Pyrenees, FRANCE and the small tax haven of ANDORRA are fighting over their international boundary.

More on this story here.

SWISS BANKERS IN TROUBLE

The Swiss Justice Dept. confirms that criminal charges may be brought against bank officials connected with accounts opened by the family of Nigerian dictator ABACHA.

More on this story here.

BEAR MARKET HITS BAER

Bank Julius BAER, the largest Swiss private bank, confirms the global economic downturn, reporting a 45% fall in first half net income.

More on this story here.

SAVE FOREIGN SALES CORPS

71 of the largest US companies ask the US government to appeal the WTO ruling against Foreign Sales Corporations (FSC) tax breaks.

More on this story here.

U.S. KIDS PASSPORTS

Since July 2 the US State Dept. requires written consent from both parents before it issues a passport to a child under 14.

More on this story here.

IRISH STIFF TAX EVADERS

DUBLIN. Irish tax authorities require banks to report anyone suspected of tax evasion.

More on this story here.

THAI SCAM FIGURES SURRENDER

BANGKOK. Two accused leaders in the Thai stock scam surrender to police.

More on this story here.

BRUNEI FIRE SALE

The Sultan of Brunei's high living brother Prince Jefri, went bust in 1998 with $16 billion of debt. Now comes bankruptcy.

More on this story here.

VENEZUELA LAND INVADERS

CARACAS. Private property is up for grabs as leftist Pres. Hugo CHAVEZ supports a national wave of squatter land invasions.

More on this story here.

DEAD FUGITIVE AUSTRALIAN

Two obscure CAYMAN ISLANDS companies emerge as the key to unlocking the financial secrets Christopher Skase took to the grave.

More on this story here.

SIGNS OF MONEY LAUNDERING

Real estate deals are popular with criminals to filter ill-gotten gains.

More on this story here.

BRIT CRACK DOWN

The UK Financial Services Authority targets the City of London for a massive dirty cash clean up.

More on this story here.

ARGENTINE POLITICS

BUENOS AIRES. Politicians use US Senate ML charges to smear banks, opponents.

More on this story here.

RUSSIAN WATCH DOG

MOSCOW. Pres. PUTIN names a anti-ML tsar with draconian powers to demand business documents.

More on this story here.

CREDIT CARD SCAMS

International criminal gangs use high-technology to steal thousands of credit card numbers at a time from trusting shoppers.

More on this story here.

Brits (and Americans) get hit with big, hidden credit card charges when buying in foreign countries.

More on this story here.

I.R.S. DEBUNKS FRIVOLOUS ANTI-TAX ARGUMENTS

WASHINGTON. Here's the IRS offical answer to those who claim US taxes are illegal, unconstitutional or whatever.

More on this story here and here.

DEMAND FOR TAXPAYER PRIVACY

The Center for Freedom & Prosperity issues a call for a US government guarantee of tax information privacy.

More on this story here and here.

ARMEY BATTLES BIG BROTHER

WASHINGTON. US House Majority Leader Dick ARMEY continues his fight to protect Americans' privacy.

More on this story here.

PROTECT AGAINST I.D. THEFT

An expert gives you 10 specific steps to avoid the fastest growing crime, identify theft.

More on this story here.
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