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OFFSHORE BANK SECRECY MAY BE ATTACKED
"With the death toll in the attacks on the World Trade Center and Pentagon estimated at 5,000, will countries like Switzerland and the Cayman Islands lose their coveted bank secrecy?"More on this story here and here.
SWISS PROBLEMS CONTINUE
GENEVA. Three years into its drive to clean up its image as a haven for dirty money, Switzerland is finding it a very difficult task.More on this story here.
Treaties under discussion with the European Union may undermine traditional Swiss banking secrecy.More on this story here.
GIBRALTAR DISPUTE CONTINUES
UK and Spanish governments are still talking, but no deal.More on this story here and here.
UNUSUAL COOK ISLAND FREEZE
RAROTONGA, C.I. Domestic politics causes an unprecedented temporary freeze on offshore financial activity in this Pacific haven.More on this story here.
Hit by the worst recession in 35 years, the city-state suffers.More on this story here.
PAVAROTTI FACES TAX JAIL
MODENA, Italy. World famous tenor Luciano Pavarotti goes on trial in ITALY for alleged back taxes. Was he a resident of MONACO?More on this story here and here.
REASONABLE U.S. MONEY LAUNDERING RULES?
WASHINGTON. After a review of the US government's largely failed anti-money laundering activities, the Bush administration may allow banks to file fewer reports on "suspicious" cash transfers.More on this story here.
TERRORISM'S WORLD ECONOMY IMPACT
To the radical anti-globalization movement blaming every ill on the global economy, now add the weight of unreasoning fear.More on this story here.
EU OFFICIAL SAYS REDISTRIBUTE WORLD WEALTH
BRUSSELS. Rich nations must give their wealth to the poor nations to avert terrorism, says former Tory MP and Hong Kong governor.More on this story here.
PRECIOUS METALS INVESTMENTS BURIED
NEW YORK CITY. Buried under the World Trade Center rubble is gold worth $110 million and silver valued at $120 million.More on this story here.
E.U. KNOCKS EUROPEAN TAX BREAKS
BRUSSELS. The EU is investigating tax provisions of nine countries claiming they are "unfair" business subsidies.More on this story here.
The European Parliament wisely rejects a "Tobin" tax on international capital financial transactions.More on this story here.
NEW GERMAN LAW ASSUMES ACCUSED GUILT
BERLIN. The government now presumes those suspected of money laundering are guilty until the accused proves their innocence.More on this story here.
U.S. EXPATS IN BRITAIN HURT BY TAX TREATY
The new US-UK tax treaty allows ex-Americans to be hit by the IRS based on past citizenship.More on this story here.
TERRORISM EXCUSE MAY DESTROY FINANCIAL PRIVACY
Government will play on emotions to expand financial controls, curb what remains of financial privacy.More on this story here.
PRIVACY UNDER ATTACK
WASHINGTON. With little debate the US Senate approves legislation making it easier for the FBI to monitor electronic communications.More on this story here.
If the Senate proposal becomes law, FBI agents soon may be able to spy on Internet users legally without a court order.More on this story here.
And the FBI is already questioning Internet service providers and the operators of anonymous remailers.More on this story here.
NET POLICE SEEK MORE POWER
SAN FRANCISCO. Privacy advocates warn against heightened Internet surveillance in the wake of the WTC attacks.More on this story here.
MORE WIRE TAPPING DEMANDED
US officials want to loosen restrictions on FBI surveillance, including roving wiretaps of any phones used by a suspect.More on this story here.
ANTI-CRYPTO WAR BEGINS
US politicians may try to ban communications-scrambling software that supposedly frustrates police wiretaps and US intelligence agencies.More on this story here.
But 'The 2000 Wiretap Report' from the Administrative Office of the US Courts monitored wiretap operations during 2000 and found not even one investigation thwarted by the use of encryption technology.More on this story here.
EXPERTS RALLY TO SUPPORT ENCRYPTION
Reports linking bin Laden to crypto cause privacy experts to assume a tough defensive posture.More on this story here.
HAVENS ALLEGEDLY INVOLVED IN BIN LADEN CASH
This week wild rumors circulated alleging links between various offshore tax and asset haven nations and the terrorist network of Osama bin Laden, the prime suspect in the terrorist attacks on the US, who supposedly used bank accounts and companies in haven countries to finance his activities. They have so far proven false.
PANAMA. Pres. Mireya Moscoso acted on news reports that bin Laden used an offshore company with headquarters here. Our sources tell us investigation showed the reports were wrong.More on this story here and here.
CARIBBEAN. A French report alleged that bin Laden had financial connections in the Netherlands Antilles, Curacao and The Bahamas.More on this story here.
In the Dominican Republic, Puerto Rico, the US Virgin Islands, St. Maarten and the Cayman Islands foreigners were detained in connection with the attacks.More on this story here.
The CAYMAN ISLANDS is a major focus area for investigation of possible bin Laden financial activities.More on this story here.
BARBADOS says it is already feeling a harmful economic impact resulting from the American terror attacks.More on this story here.
The government of CYPRUS denied charges the island was used as a financial conduit by bin Laden.More on this story here.
GOVERNMENT DEMANDS VAST NEW POWERS
The Bush administration asks for more power to eavesdrop on domestic phone calls, the Internet and voice mail even without a court order.More on this story here.
Proposed legislation provides expanded electronic surveillance, detention of suspects and deportation of immigrants, makes easier subpoenas, search warrants and seizure of assets.More on this story here.
Income tax information privacy restrictions may be waived.More on this story here.
Encryption may have been used by terrorists, so encryption may be curbed.More on this story here.
Congress may consider requiring all Americans to carry electronic "identification cards." Americans may resist.More on this story here.
A NEW KIND OF NATION?
Where electronic identification may become the norm, immigrants may be tracked and airspace over cities like New York and Washington may be off limits to all civilian aircraft.More on this story here.
WHAT IS NEXT IN ANTI-MONEY LAUNDERING?
A summary of where we are and where we may be headed.More on this story here.
SPECIAL REPORT FROM BUSINESS WEEK: “RETHINKING THE AMERICAN ECONOMY”More on this story here.
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