|W.I.L. Home Page||Offshore News Digest Home|
Offshore News Digest for Week of October 22, 2001
U.S. HOUSE PASSES ANTI-MONEY LAUNDERING BILL
WASHINGTON. Using the now established “anti-terror” excuse, the US House of Representatives on Wednesday passed a bill that seriously compromises financial privacy, targets offshore tax havens and will likely catch few, if any, terrorists. The vote was 412-1.More on this story here and here.
Rep. Ron PAUL (R-Texas) was the lone dissenting vote against the bill, calling it an "unconstitutional expansion of the financial police state, which will prove ultimately ineffective against terrorism." For Rep. Paul's trenchant analysis of the other major anti-terrorism bill passed by Congress and how it diminishes our liberties, see this story.
Full House debate and text of the bill adopted,More on this story here.
Anti-terrorism bills now go to a House-Senate conference to work out differences. Final votes to compromise our freedoms come next week.More on this story here.
BAHAMAS FREEZES “TERRORIST” ACCOUNT
NASSAU. Based on nothing more than US government suspicion, and without due process, The Bahamas freezes a $20 million bank account where a suspect US citizen is one of four beneficiaries of a father's account.More on this story here.
CARIBBEAN LEADERS BLAST US, OECD
The prime ministers of Jamaica and Grenada accuse the US and OECD of using the terror excuse to crush Caribbean tax haven financial sectors, while terror cash flows through major nations' banks.More on this story here.
EX-IRS LAWYER ON TRIAL FOR TAX EVASION
An ex-US Internal Revenue Service attorney is on trial for setting up a Cayman Islands front company to evade taxes.More on this story here.
HONG KONG GLOOM SAPS SPIRIT
The former Far East tax and asset haven is down in the dumps.More on this story here.
CORRUPTION EQUATED WITH TERRORISM
It seems everything is now "terrorism."More on this story here.
LIECHTENSTEIN HIRES TOP SWISS
The Principality hires away the top Swiss anti-money laundering expert to head a new financial crimes unit.More on this story here.
MONTENEGRO ON THE NET: FRAUD, CROOKS WELCOME
Ready made banks, fake passports, royal titles? All for sale.More on this story here.
E.U. DEMANDS INTERNATIONAL TAX REPORTING
The EU demands the US, Switzerland, Liechtenstein, San Marino, Monaco and Andorra adopt anti-tax evasion rules and an information exchange system to support international taxation.More on this story here.
SWISS BANKS SAY SECRECY IS NOT NEGOTIABLE
In spite of the EU demands, SWITZERLAND absolutely refuses to go along with the cross border tax reporting and will not yield on financial privacy for its customers.More on this story here and here.
SWISS IMAGE DAMAGED?
Switzerland's new money laundering control boss says the country's reputation as a haven for dirty money will be difficult to change.More on this story here.
E.U. GRASPS POWER WORLDWIDE
BRUSSELS. Using the terror excuse, EU officials have voted to force all EU financial institutions, attorneys, real estate agents, gem dealers, aacountants, et al to report "suspicious activities."More on this story here.
The EU nations also agreed to impose penalties on third countries considered "un-cooperative" in fighting money laundering.More on this story here.
The new EU controls apply to nations blacklisted by the OECD's Financial Action Task Force and will ban EU-based banks opening branches in any "un-cooperative" country.More on this story here.
IRELAND OPPOSES E.U. CRIME PLANS
DUBLIN. Not all nations agree with a super EU criminal code.More on this story here.
THAILAND IMPOSES CASH CONTROLS
All foreigners financial transactions are being tracked.More on this story here.
ANTI-PRIVACY VILLAIN: THE O.E.C.D.
Using the terror excuse, the OECD and FATF seek power and control over financial activities everywhere.More on this story here.
SENATOR DROPS ANTI-ENCRYPTION IDEA
Sen. Judd Gregg (R-NH) won't seek to insert backdoors into encryption software products.More on this story here.
U.S. MILITARY CREATING POLICE STATE?
The line between armed forces and law enforcement blurs as US local police are trained and supplemented by military units.More on this story here.
CANADA USES TERROR EXCUSE
The Liberal government wants to curb Canadian liberties.More on this story here.
MORGENTHAU'S BIG LIE TECHNIQUE
NEW YORK CITY. The aging district attorney for NYC, Robert Morgenthau, using the complicit pages of The NY Times, yesterday perpetrated a pack of lies about offshore banking and finance. Using the usual anti-terrorism excuse he demanded support for pending US legislation that will destroy offshore financial privacy. He lied repeatedly implying that bin Laden terror cash has been found in traditional tax haven accounts; implying the CAYMAN ISLANDS was used by terrorists for their dealings; and implying that tax havens have failed to cooperate in the search for suspect terrorist accounts. All untrue! Small wonder the public doubts the words of public officials.More on this story here.
The Luxembourg State Prosecution Service has frozen six bank accounts possibly containing funds of suspect terror-linked origins.More on this story here.
CARIBBEAN SECOND PASSPORTS STILL AVAILABLE
GRENADA has only 'suspended' its economic citizenship program, but NEVIS, DOMINICA and BELIZE have not.More on this story here.
U.K. HUGE EXPANSION OF FORFEITURE POWER
LONDON. Again, the terror excuse: Tony BLAIR wants a new law allowing police to seize cash and assets based on mere suspicion.More on this story here.
UK police and Customs officers will get new powers to search for and seize suspect cash in an individual's possession or their home.More on this story here.
IRELAND SHOWS THE WAY
DUBLIN. The one EU nation with the lowest taxes and highest growth rate is set to continue as Europe's and the world's leader.More on this story here and here.
TERRORISTS AIMED AT FREE MARKETS
SHANGHAI. President BUSH claims "The terrorists hoped world markets would collapse. But markets have proven their resiliency & strength."More on this story here.
TENOR TOPS TAXMAN: PAVAROTTI NOT GUILTY
An Italian court has acquitted opera star Luciano Pavarotti of charges of filing false tax returns. He lives in MONACO.More on this story here.
OFFSHORE INTERNET BANK RETRENCHES
The Bank of Ireland reels in its F-Sharp Internet Bank from the Isle of Man; two years and only 2000 clients.More on this story here.
NEW U.S. MONEY LAUNDERING LAWS
What new US anti-terror financial laws may do to banking.More on this story here.
CYBER-SURVEILLANCE AND YOU
Here's how the 'anti-terror' digital eavesdropping legislation racing through the US Congress vastly alters the existing legal terrain.More on this story here.
CANADA RUSHES CURBS ON FREEDOMS
The Liberal Canadian government is rushing through liberty curbing restrictions, many of them allowing spying on citizens.More on this story here.
Stepped up anti-money laundering restrictions are also planned.More on this story here.
IDENTITY THEFT DOUBLED LAST YEAR
ID thefts reported by banks surged in 2001, more than double over last year, according to a new report released yesterday.More on this story here.
INSURANCE COMPANIES DETECT FRAUD VOICES
UK insurance firms now use 'fraud detecting' voice analysis that reveals liars' vocal stress patterns. Are politicians next?More on this story here.