Offshore News Digest for Week of January 7, 2002

BAHAMAS OFFSHORE LAW CHANGES HURT BUSINESS

NASSAU. Facing a 2002 election a big issue will be the government's new laws that hurt offshore banking and business. One major law already was ruled unconstitutional. Now another lawsuit is pending.

Bahamas Election Offers Little Chance of Change.

Lawsuit Challenges New Offshore Laws.

Bahamas Hot Money Flow Dries Up.

Government Plans Even Tighter Offshore Crackdown.

ASHCROFT WINS; TAX BREAKS COST BELIZE

LONDON. The British Lord, the major investor in Belize, wins out over the UK Treasury, but Belize loses millions in British debt relief.

DOMINICA SCANDAL CONTINUES, REVENUES DIP

ROSEAU. The island's finance minister is demoted as a new anti-money laundering law is put in place. Offshore revenue falls by 80%.

CANADA CURBS CARIBBEAN PASSPORTS

Canada imposes entry visa on citizens of Grenada and Dominica.

BRITISH VIRGIN ISLANDS CURBS PRO-OFFSHORE LAWS

ROAD TOWN. The BVI government tries to appease London and the OECD, now may curb offshore IBCs and tax breaks.

E.U. PRESIDENT DEFENDS SWISS RIGHT TO BANK SECRECY

Prodi says "The EU does not want to make Switzerland change it's laws."

SWISS PRO & CON ON DIRTY CASH

The US Ambassador praises Swiss anti-money laundering efforts even as the Swiss again are attacked for being too easy on dirty cash.

E.U. GIBRALTAR RULING MAY SAVE BACK TAXES

An EU court ruling may thwart retroactive tax claims.

E.U. SUPER RICH LIKE BELGIAN TAX HAVEN

BRUSSELS. Hypocritical government rails against tax havens even as its laws provide foreigners with major tax breaks.

SOUTH AFRICAN HEMORRHAGE

JOHANNESBURG. Free fall of the South African rand speeds offshore cash flow and a major brain drain as well.

COOK ISLANDS TRUST UPHELD AGAINST U.S. GOVERNMENT

RAROTONGA. The CI High Court last month ruled against the US Federal Trade Commission in the infamous Anderson case, upholding the sanctity of a Cook Islands trust against a US District Court order to repatriate funds.

PHILIPPINE LAWMAKERS STIFF F.A.T.F.

MANILA. Legislators, having passed a new anti-money laundering law, say 'no' to more FATF blacklist demands.

NEW U.S. 'ANTI-TERROR' LAW TERRORIZES PRIVACY

Private banking is made far less private by President Bush's new law.

U.S. MONEY LAUNDERERS WATCH LIST

Starting 1/24/02 a list of alleged money launderers will be used to stop suspects upon entry into the US.

U$ DOLLAR BEATS €URO

As the euro bows on Jan 1, the dollar still reigns supreme.

DEATHLY CHARITABLE STRINGS ATTACHED

How US persons can control charitable gifts from the grave.

THAT CROOK BEHIND THE PONZI SCHEME

You often hear his name used to describe financial fraud, but what do you really know about Carlo Ponzi?

WORLD & U.S. TAX NEWS:

The Center for Freedom & Prosperity applauds the EU failure to agree on a Europe-wide withholding tax on foreigners' investments.

Groups attack IRS rules forcing US banks to report interest payments to foreign citizens.

Stepped up IRS prosecution of income tax cheats planned.

IRS amnesty offered for taxpayers who use illegal tax shelters.

Jan 1 US estate taxes cut to 50% top rate, exclusion up to $1 million.

The E.U. demands foreign digital sales companies pay EU taxes.

How the US tax laws soak the rich; the brutal facts.

MICROCHIPS UNDER YOUR SKIN?

In the planning stage: a chip the size of a grain of rice injected into your body that will give detailed information about you.

SECRET EURO TRACKING PLAN

A hush-hush project to embed radio frequency identification and tracking tags in the fibers of all euro bank notes.

CARNIVORE HELD ACCOUNTABLE

US Congress forces annual reports on FBI e-mail spying.

U.S. GOVERNMENT SEES PRIVACY AS CRIMINAL

The case against US government financial & bank spying.

FREEDOM ADVOCATES FEAR POLICE EXPANSION

Increased public trust in post 9/11 government causes worry.

EURO MAY DRIVE INDEPENDENCE FOR U.K. OFFSHORE HAVENS

An unintended consequences for British Labour's love of the euro may be independence of some or all the UK overseas tax havens.

TERROR BOOSTS BERMUDA INSURANCE BOOM

Over $7 billion has flowed into Bermuda insurance and reinsurance companies since the Sept. 11 attacks in the U.S.

GIBRALTAR CHIEF KNOCKS U.K.

The Chief Minister rightfully says any UK-Spanish plans must be voted on by residents of the Rock. UK sellout looms.

NIGERIAN EX-DICTATOR'S FAMILY PAYS MILLIONS

Using a Luxembourg bank account, Gen. Abacha's kin pays $148 million to the Nigerian government (out of allegedly billions stolen).

FREEDOM SHIP PLANS 2006 LAUNCH

A floating city for 17,000 residents will cruise the world.

FIRST ISLE OF MAN INTERNET CASINO LAUNCHED

Casino Atlantis goes live online, a new era of regulated Internet gambling. Players from Austria, The Bahamas, China, Germany, Sweden, and the US are banned from playing, as are those under age 18.

HONG KONG STANDS BY U.S. DOLLAR PEG

The head of Hong Kong's central bank says the HK currency peg to the US dollar is not at risk because of the Argentine crisis.

CARIBBEAN STOCK EXCHANGE PROFITABLE

The new Eastern Caribbean Stock Exchange did well.

OFFSHORE BANKING THE TALIBAN WAY

KANDAHAR, Afghanistan. When the Taliban leaders fled in the face of American attacks, they robbed all the banks.

UNITED NATIONS PLANS WORLD INCOME TAXES

As we reported last year, the UN plans a global income tax system to be fleshed out in a Mexico City conference next March.

CURRENCIES IN THE NEWS

The EU's euro and the Argentine peso both make the news.

WILL THE ASIAN ECONOMY RECOVER?

Four experts offer the view that prospects look good.

NEW ZEALAND WEATHERS RECESSION

The island nation does well in spite of problems.

AUSTRALIA ATTACKS TAX SHELTER PROMOTERS

Bogus tax scheme promoters are a major target.

WHICH EURO ACCOUNT IS BEST FOR U.K. RESIDENTS?

Pound sterling banks offer alternatives.

U.K. OFFSHORE HOME OWNERS BEWARE!

House of Lords ruling could tax your offshore home.

NEW TAX U.S. LAWS IMPACT RETIREMENT FUNDS

How new US tax laws can save your retirement cash.

COURT RULING BOOSTS CORPORATE TAX SHELTERS

A US Appeals Court decision upholds corporate tax shelters.

TOP PRIVATE CLIENT BANKS RATED

LONDON. UBS led Morgan Stanley Dean Witter as biggest private bank in 2001 for managing offshore assets of wealthy clients.

HEDGE FUNDS UNDER DIRTY CASH SCRUTINY

Secretive hedge funds are the next money police target.

BIG BROTHER TRACKING DEVICES FOR U.S. DOLLARS?

Last week we reported on euro tracking chips. Now a US Federal Reserve official wants tracking chips in all new dollars issued.

COURT APPROVES KEYBOARD SNIFFING DEVICE

The FBI can now use an electronic surveillance device that secretly gathers every keystroke on a home or office computer.

NEW FORFEITURE DEFENSE MANUAL PUBLISHED

Forfeiture Endangers American Rights (FEAR) announces its new Asset Forfeiture Defense Manual.