Offshore News Digest for Week of November 19, 2001

O.E.C.D. ANTI-TAX HAVEN THREAT CONTINUES

Last Friday we reported the OECD has again put off its phony sanctions deadline aimed at tax havens.

The Heritage Foundation's Daniel MITCHELL explains why the OECD's deadline extension definitely does not mean anyone can relax.

Sir Ronald SANDERS of BARBADOS, a leading Caribbean defender of offshore havens, doesn't think the high tax OECD has changed.

But the offshore haven nations still distrust the OECD.

I.R.S. REGS COULD RUIN U.S. ECONOMY

Dan Mitchell exposes the real threat of IRS regulations that would drive foreign investors from America.

U.S. COURT ORDERS OFFSHORE TRUST TO PAY UP

A federal bankruptcy judge orders a Bahamas trust to repatriate funds.

SWISS EXPLAIN TAX FRAUD POWERS

The top Swiss banker defends his nation against tax evasion charges, reaffirms bank and financial secrecy, pledges cooperation with US.

ICELAND MIRACLE CURE

REYKJAVIK. A 10-year turnaround brought domestic prosperity. Now Iceland plans a new offshore financial and privacy haven.

U.S. DIRTY CASH TASK FORCE QUESTIONED

Experts agree the new US dirty cash police task force is unlikely to succeed, except in destroying financial privacy.

And the sanctimonious United States is estimated to be home to 46% of all world banking and financial crimes.

TONGA'S TINKER TOY TREASURY

Dave BARRY exposes a little noted offshore scandal.

TAX HAVEN TENNIS ANYONE?

Tennis great Boris BECKER faces German tax evasion charges on 50m marks. Boris says he's lived in MONACO since 1985.

THE COMING DEFLATION?

US industry's recession is the longest since the Great Depression of the 1930s, and the new worry is deflation.

CARD COMPANIES SUED OVER OFFSHORE CHARGES

Major credit card companies are sued for rigging currency exchange rates to soak customers who have offshore card charges.

CITIBANK WOOS ASIAN WEALTHY

Special private banking in Asia earned $3 billion last year.

LUXURY GOODS KEEP ON SELLING

$80 billion annually is spent on luxury goods, and the beat goes on.

GOLD IN THOSE MERGERS

Experts suggest new corporate combinations of gold mining companies could result in a major upturn in the price of gold.

CLEAN CAUGHT IN DIRTY CASH NET

LIMASSOL, Cyprus. A legitimate financial reporter is caught up by nervous world money laundering laws, US and otherwise.

FORBES 'BEST OF THE WEB'

Investing, travel, finances, all worth a look, Forbes magazine's updated "Best of the Web" site lists.

LIBERTY DIMINISHED, BUT FEW CARE

Across Europe, in the UK and the US the anti-terror excuse is used to give police vast new powers and destroy liberty. But does anyone care?

PURSUIT OF HAPPINESS?

Why does the United States elicit such extreme hatred in some parts of the world? Is it the American 'pursuit of happiness'?

RONALD REAGAN ON TERRORISM

Said he: "We must remember our heritage, who we are, what we are, and how this nation, this island of freedom, came into being."

U.S. NATIONAL I.D. CARD DEBATE

The anti-terror demand to "do something" fuels the idea of a national identification card for every US person.

But US Rep. Ron PAUL (R-Tex) explains why this would be the ultimate insult to Americans and harm freedom and liberty.

DANGER IN U.S. MILITARY COURTS

The military accuses, tries, convicts and no appeal allowed.

HAVENS SEE O.E.C.D. AS HYPOCRITES

Haven nations say OECD still is dictatorial and high handed.

BAHAMAS BANK FREEZE BLUNDER

NASSAU. On Sept. 28, based only on a US government anti-terror list, The Bahamas government froze $20 million because a suspect US citizen was one of four beneficiaries of a father's trust bank account.

Surprise! The trust fund was quietly unfrozen after subsequent investigation showed it was a case of mistaken identity.

CANADIAN CAPERS

64% of Canadians want a tax cut now,

An ex-Canadian denounces Canada as a one-party state doomed to mediocrity by left-wing policies and complacent citizens.

GIBRALTAR BETRAYAL LOOMS

UK and Spain set a deadline for a deal over Gibraltar's future that may end the Rock's major role as a tax haven for the wealthy.

Low-Tax.Net special report on history and status of Gibraltar.

Gibralter Government site here.

MUST READ ON SWISS BANKING & SECRECY

A new Financial Times survey gives an excellent analysis of where the Swiss banking and financial services industry stands today.

SECRET WEAPON: SWISS FIDUCIARY DEPOSITS

They offer foreign clients anonymity and no taxes, attracting the wealthy who may want to evade taxes in their own countries.

SWISS NON-BANK MONEY LAUNDERING

Banks get all the publicity, but some dirty cash flows in all business.

MANX MONEY BOOM

DOUGLAS, Isle of Man. Investment funds here saw a 20% growth last year.

IRISH TAX CRACKDOWN BRINGS CASH

DUBLIN. Bogus non-resident account holders yielded over £176 million in unpaid taxes by the Nov. 15th deadline.

MALTA TAX AMNESTY

Billions of offshore Maltese pounds may come home.

ZIMBABWE CRUMBLES

Economy in free fall, law and order break down, demagogue rules.

MUSLIM MONEY MARKET

Malaysia, Bahrain, Indonesia and Sudan combine to create a new Islamic financial market.

JEALOUSY OF RICH IS WRONG

A top HONG KONG official decries envy of the rich, says free market spreads wealth to all.

RADICAL NEW U.S. ANTI-MONEY LAUNDERING LAW

An excellent survey of radical new US banking and anti-money laundering laws and the costs in liberty.

U.S. SECURITIES DEALERS AS POLICE INFORMANTS

Stock brokers soon must rat on 'suspicious' clients.

IMPOSSIBILITY OF BLOCKING DIRTY CASH

Politicians pass laws, then reality bites.

US ASSET FREEZE LIST

A list in pdf file form of those caught in the US terror asset freeze.

LATIN PESO EXCHANGE PROSPERS

A side effect of the crackdown on terrorist money laundering is possible disruption of illicit drug cash systems.

BARCLAYS STAFF ARRESTED

Barclay's staff in FRANCE arrested for alleged money laundering.

PURSUE OIL OR BIN LADEN?

Has the US gone easy on Arab terrorists because of petroleum needs?

U.S. COURTS HIT TAX PROTESTERS

So-called 'tax protesters' are getting the shaft from US courts.

WORLD TRADE CENTER CURRENCY DEALERS ACCUSED

NEW YORK. Currency traders charged with using the World Trade Center attack to cover up a conspiracy to steal $100m from investors in the US, Europe, Australia and New Zealand.

ECONOMISTS & CENTRAL BANKERS LIE

They can't see into the future, no matter what they claim.

U.S. BUSINESS DEPUTIZED BY TERROR POLICE

The Bush anti-terrorist law forces business to spy on customers.

And the new law also enormously increases police powers."

FUNDAMENTAL FREEDOMS LOST

Sweeping powers demanded by the US and UK governments.

AMERICAN POLICE STATE

Is the American police state already in place?

THE ANTI-TERROR EXCUSE

New technologies can destroy human privacy and government exploits this situation under cover of anti-terrorism.

POWER PRESIDENT

Are terrorism and war making President Bush a virtual dictator?

The President defends his order creating military tribunals.

But is it a radical curb on constitutional rights?

BELGIAN WARNS OF E.U. POLICE STATE

“Orwellian” tendencies seen in EU-wide police powers.

BLAIR’S ANTI-TERROR LAWS ATTACKED

Even Labourites are uneasy over Draconian laws.

IDENTITY THEFT TEST

Worried about identity theft? Try taking these precautions.