September 2001 Selected News Clips

DOES BUSH BACK MORE CIVIL FORFEITURE?

WASHINGTON. The new head of the US Customs Service and IRS criminal investigations says he's going after the funds of lawyers, bankers and accountants. US money police have grabbed nearly $10 billion.

I.R.S. MISPLACES ALMOST A BILLION

The check was not in the mail! 40,000 federal tax returns and payments involving $810 million were either lost or destroyed.

EUROPEANS HOARD CASH

Many Europeans keep their money unbanked. A third of the 333 billion euro (£210 billion) cash circulating in Europe is hoarded to avoid taxes.

F.A.T.F. BLACKLIST DWINDLES

We have reported much about the OECD's Financial Action Task Force (FATF) blacklist issued in June 2000 accusing 15 nations of tolerating criminal cash. As of early this week only RUSSIA, the PHILIPPINES and NAURU remained on the list.

And two days ago the Pacific island of NAURU, said it too has a new anti-money laundering law in place.

F.A.T.F. “TOOTHLESS POODLE”

A leading advocate of offshore financial freedom claims that in the area of Internet gambling, now a booming $3 billion a year business, FATF is as ineffective as a “toothless poodle”.

UNSUNG PRIVACY HERO

George Orwell’s classic novel 1984 depicts a world in which individuals have no privacy, freedom or power. Phil Zimmermann’s PGP encryption helped thwart those horrors.

FLOATING TAX HAVEN?

Come 2002, the world's first cruise ship condo hits the water. European tax collectors think it's really a tax dodge.

COOK ISLAND DISSENTER

RAROTONGA, C.I. Politician makes an angry attack on expatriate business people and foreign investors.

NAURU’S NEW HAVEN ROLE

It may look idyllic, but what will 300 Afghans make of Nauru, an offshore haven speck in the Pacific Ocean?

HUNGARY ENDS ANONYMOUS BANK ACCOUNTS

BUDAPEST. Hungary was added to the FATF dirty money laundering blacklist last June, so now it bans its version of the dying Austrian sparbuch.

EURO LAUNCHES ALLEGED CRIME WAVE

LONDON. Some say the new euro currency carries risk of money laundering on a huge scale.

BLACK SHEEP BEATS BANK

WILMINGTON, Delaware. Could you be the beneficiary of a $300 million trust and not even know it? It is possible.

GET MORE CASH FROM OLD TRUSTS

If you are the income beneficiary of a trust and need more spending money, read this. Then call your trustee and ask for a bigger slice.

IRISH MILLIONAIRE WANTS RICH GAMBLERS

One of Ireland's richest and most elusive men launches an Internet sports betting service aimed at the richest gamblers.

FINANCIAL ACTION TASK FORCE HYPOCRISY

PARIS. The president of FATF, Regina Ip of Hong Kong, tells her fellow cash cops how vigilant her own government is in fighting money laundering. Meanwhile, Hong Kong tax evasion is UP 69% since 1995.

FATF SAYS “KILL DUE PROCESS”

As a prelude to police forfeiture, FATF demands all nations reverse the burden of proof, forcing accused “money launderers” to prove assets are clean. FATF wants laws to reveal true owners of all IBCs and trusts.

E.U. PARLIAMENT KNOCKS ECHELON

The European Parliament says Echelon, the US global electronic surveillance, does exist and it breaches human rights. (Duh!)

CASH I.D. SURVEILLANCE CHIP

Hitachi develops a chip to be woven into paper money to expose counterfeit cash. It also can track your cash movements.

MALTA: BEST FOR RESIDENCE & BUSINESS

Standard and Poor's and the International Monetary Fund (IMF) give MALTA's economy high marks.

Discover why Malta is the Mediterranean's best offshore address; see the new Henley & Partners Malta web site. Learn how you can easily establish low-tax residence.

LIVE OFFSHORE -- SWAP HOMES!

Want to move to a tax haven? Try out living in a new offshore country by first swapping homes. Find all about it here.

CAPITALISM'S BEST LAW?

Very interesting estimate of why English common law promotes capitalism's success better than does civil law.

U.S. MALPRACTICE INSURANCE COSTS ZOOM

Driven by law suits and jury awards, US medical malpractice insurance premiums are the highest rate since the mid-1980's.

DANES CHARGE E.U. DESTROYS LIBERTY

COPENHAGEN. Three Danish experts says politicians are wrongly surrendering sovereignty to the EU.

LATEST F.A.T.F. BLACKLIST STATUS

Who's on and who's off the latest FATF anti-dirty money laundering list as of last week's FATF meeting.

PANAMA NOW A LEADING HAVEN

An experienced offshore professional explains why PANAMA is moving to the head of the class as world tax haven.

BELIZE MOVES UP

A special report on the Central American haven that is attracting lots of cash, companies, retirees and second citizens.

OFFSHORE BANKING REVEALED

A special report on offshore banking; its history, facts, and what it can mean to you.

PRIVACY ALSO UNDER ATTACK

Opposition to government surveillance technology faces a severe test in wake of terrorist attacks.

FEDS PUSH CARNIVORE AFTER ATTACK

Just hours after the WTC disaster federal police increase Internet surveillance and ISPs comply with FBI requests.

DRUG WAR KILLS PRIVACY

US conservatives are having second thoughts as anti-drug police state tactics destroy privacy & freedom.

OFFSHORE PRIVACY PRIMER

LowTaxNews provides a useful checklist of offshore privacy issues for your review.

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.

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.

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.

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.

TERRORISM EXCUSE MAY DESTROY FINANCIAL PRIVACY

Government will play on emotions to expand financial controls, curb what remains of financial privacy.

ANTI-CRYPTO WAR BEGINS

US politicians may try to ban communications-scrambling software that supposedly frustrates police wiretaps and US intelligence agencies.

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.

EXPERTS RALLY TO SUPPORT ENCRYPTION

Reports linking bin Laden to crypto cause privacy experts to assume a tough defensive posture.

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.

CARIBBEAN. A French report alleged that bin Laden had financial connections in the Netherlands Antilles, Curacao and The Bahamas.

In the Dominican Republic, Puerto Rico, the US Virgin Islands, St. Maarten and the Cayman Islands foreigners were detained in connection with the attacks.

The CAYMAN ISLANDS is a major focus area for investigation of possible bin Laden financial activities.

BARBADOS says it is already feeling a harmful economic impact resulting from the American terror attacks.

The government of CYPRUS denied charges the island was used as a financial conduit by bin Laden.

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.

Proposed legislation provides expanded electronic surveillance, detention of suspects and deportation of immigrants, makes easier subpoenas, search warrants and seizure of assets.

Income tax information privacy restrictions may be waived.

Encryption may have been used by terrorists, so encryption may be curbed.

Congress may consider requiring all Americans to carry electronic "identification cards." Americans may resist.

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.