Wealth International, Limited

Offshore News Digest for Week of February 25, 2002


CHANNEL ISLANDS, ISLE OF MAN UNDER PRESSURE

Last Friday we detailed how the OECD was floating a deal with tax havens, trying to get sign ups before Feb. 28, the OECD blacklist deadline. The deal is, agree to share financial information, but not until all G-7 nations and other tax havens do the same. The UK Labour government also pressured its Crown dependencies. As a result JERSEY, GUERNSEY and the ISLE OF MAN all paid public lip service to the OECD's new deal, but with some highly significant reservations that undercut total surrender to the OECD.

More on this story here, here, here, and here.

MANX WARNED OF EU-USA WAR

The Isle of Man is told the US will win and Manxmen should stay out of the growing US-EU economic war.

More on this story here.

BERMUDA DEFENDS AGAINST U.S. CONCERNS

HAMILTON. In the wake of American corporate moves to the island, officials counter US criticism of this tax-free business haven

More on this story here.

CONSERVATIVE SWISS FIGHT PRO-U.N. VOTE

ZURICH. Billionaire Blocher leads the fight.

More on this story here and here.

CONGRESS LEADERS DENOUNCE O.E.C.D.

Senior Republicans support US Treasury Secretary O'Neill against OECD tax deal.

More on this story here.

MUSLIM INVESTORS MAY QUIT EUROPE HAVENS

In wake of 9/11, Islamic investors consider moving funds from Luxembourg and other Western havens to Bahrain and Labuan.

More on this story here.

HAVENS NOT TERROR CONDUITS

Still more proof that traditional tax havens were not used by terrorist. Gold flowed through Muslim banks and gold halawa exchanges.

More on this story here and here.

BRIT BANKS KNEW ABOUT U.S. TERRORISTS BEFORE 9/11

Example of muscle bound government paralysis. Before 9/11 British banks spotted 15 of the US terrorists as high risk suspects.

More on this story here.

CROSS BORDER TAX POLICE PHOTOS

As the French have done for years at their Swiss border, Italian tax police now photograph auto license plates at the Italian-Swiss border.

More on this story here.

BALTIC TAX CUTS BRING BUSINESS BOOM

ESTONIA cut corporate taxes, business blossomed. Now LITHUANIA may follow suit.

More on this story here.

NEW DIRTY CASH CURBS HIT INSURANCE INDUSTRY

The USA Patriot Act snares US insurance agents and brokers in a host of new anti-money laundering rules.

More on this story here.

HISTORY OF MONEY LAUNDERING LAW FAILURES

Study of the mess that is US anti-money laundering laws.

More on this story here.

THE GREAT UNWATCHED

Bill Safire laments the end of privacy in America.

More on this story here.

U.S. GOVERNMENT LIBRARY SPIES

USA Patriot Act forces librarians to spy on readers.

More on this story here.

GOVERNMENT HATES ONLINE ANONYMITY

Another 'terrorism excuse' attack on privacy.

More on this story here.

MICROCHIP IMPLANT SMART CARDS

Get this under your skin and they'll always know where you are.

More on this story here.

E.U. WANTS TOTAL INTERNET SURVEILLANCE

Again, the 'terrorism excuse' is used.

More on this story here.

U.K. PASSPORTS MAY USE SMART CARDS

Bio-metric border crossing cards as passports supplements.

More on this story here and here.

CANADA PRESUMES OFFSHORE INVESTORS GUILT

Throwing due process to the winds, securities regulators pursue 13,000 offshore brokerage account holders as potential tax evaders.

More on this story here.

CANADA DEMANDS END TO SHELL BANKS

OTTAWA. Government demands banks sever ties with offshore shell banks, citing the usual money laundering/terrorist excuse.

More on this story here.

BAHAMAS HEDGES ON O.E.C.D. COMMITMENT

NASSAU. Showing belated concern for its offshore financial sector, the government says no signature without 'level playing' field.

More on this story here.

U.K.-SPAIN GIBRALTAR DEAL RUMORED

Mass demonstrations planned to protest 'done deal' on The Rock.

More on this story here.

HONG KONG MILLIONAIRE CITIZENSHIP

Got $6.5 million? That's the new price for HK citizenship.

More on this story here.

BRIT ACCOUNTANTS SLAM TAX HAVENS

Claims annual cost in lost UK taxes is 85bn a year.

More on this story here.

SWISS BLOCK ALLEGED TERROR CASH

GENEVA. Swiss asset managers block 37 million Swiss francs (US$22 million) in accounts alleged by US to be terrorist funds.

More on this story here.

TONGA KING HAS NO OFFSHORE BANK ACCOUNT

NUKU'ALOFA, Tonga. And two who said otherwise are in jail.

More on this story here.

NEW U.S. TREASURY RULES SHRED PRIVACY

WASHINGTON. USA Patriot Act proposal forces banks, financial firms, to share personal information with government police.

More on this story here.

Text of FinCEN rules on information "sharing procedures"

More on this story here.

WORLD'S BILLIONAIRES LIST

Forbe's 16th annual list of the world's richest people.

More on this story here.

ITALY MAY THWART E.U. CASH FREEZES

Plans for EU-wide court powers to freeze bank accounts and other assets may be killed by Italian government objections.

More on this story here and here.

W.T.O. RULING MAY FORCE U.S. CORPORATE TAX REFORM

US Treasury says WTO threat means possible territorial tax.

More on this story here.

U.S. COURT ORDERS TAX PROTESTER TO SHUT UP

Federal judge shuts down 'tax evasion' service that says US income tax is voluntary; orders owner to stop making such claims.

More on this story here.

ARGENTINE TAX PROTEST

Mass tax evasion protests rotten politicians who rob people of the value of their currency, block their bank accounts.

More on this story here.

O.E.C.D. SAYS U.S. TAX SYSTEM NEEDS REFORM

Complex system causes high compliance costs.

More on this story here.

EUROPE SAYS FAREWELL TO OLD CURRENCIES

After midnight, last night, it's all euro, all the time.

More on this story here.
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