Wealth International, Limited

Offshore News Digest for Week of March 4, 2002


SWISS ACCEPT MEMBERSHIP IN UNITED NATIONS

Ron Holland: "Have Swiss Elites Sold Out Sovereignty, the Nation & the Swiss Franc?"

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Swiss Government Hails UN Victory

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International press welcome end to Swiss isolation.

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Swiss National Bank Head Says Franc Will Survive for Now.

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Switzerland Remains the Choice of the Rich.

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U.K. GRANTS OVERSEAS TERRITORIES BRITISH CITIZENSHIP

200,000 OST residents are eligible for British passports.

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COOK ISLAND TRUST IN U.S. BANKRUPTCY COURT

Creditors ask US bankruptcy judge to appoint a trustee to oversee the personal bankruptcy with assets in a CI trust.

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COMMONWEALTH MONEY LAUNDERING CRACKDOWN

Worldwide member nations aim at dirty cash, terrorism.

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E.U. GETS NEW ASSET FREEZE POWERS

New rules allow judges to freeze assets across the European Union.

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KOREA TARGETS OFFSHORE CURRENCY EXCHANGE

SEOUL. 1700 Korean firms are suspected of illegal tax haven deals.

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O.E.C.D. BLACKLIST POST-FEB. 28 DEADLINE

Dan Mitchell's Strategic Memo on the current OECD 'harmful tax competition, 'Paris has Surrendered, Onward to Brussels.'

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OECD blacklist revised after the latest (2/28) deadline passes.

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Breathing space for Pacific island tax havens.

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Pacific havens refuse to bow to OECD.

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Australia Urges Pacific Havens Clemency.

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Gibraltar Falls Into Line With OECD.

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Isle of Man Approves OECD Statement.

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British Virgin Islands Commits to OECD.

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SPOTLIGHT ON CAYMAN ISLANDS AS CORPORATE TAX HAVEN

The Enron collapse spurs US politicians to consider how to clamp down on American corporate use of offshore tax breaks.

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US Treasury Investigates Offshore Exodus.

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IRS May Be Lax on Corporate Tax Shelters.

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TAXES & THE UNDERGROUND ECONOMY

PIERRE LEMIEUX extols the virtues of the underground economy.

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U.S. ANTI-ALIEN TAX ATTACK

The US estate tax can be rough on Americans. On non-citizen survivors, it's absolutely brutal. Plan ahead to avoid the worst.

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TURKISH NON-DELIGHT

How a Turkish family business left Motorola and Nokia holding a $2.7 billion bag.

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PRIME BANK NOTE SCAMS SPREAD

Losses are estimated at $1.5 billion annually.

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TOP 10 BILLIONAIRES

Here's the latest list of the world's wealthiest people.

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U.S. EASES FOREIGN BANK RESERVE RULES

US regulators ease rules for foreign banks operating in the US.

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BERMUDA, OTHER CORPORATE TAX HAVENS SMEARED

Post-Enron, US politicians and news media are demogoging the legitimate use of offshore tax havens to reduce US corporate taxes. ABC news took its cheap shots at Bermuda last week.

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BERMUDA FIRES BACK

HAMILTON. CNBC also did a series on offshore havens last week, but BERMUDA officials stoutly defended their no-tax nation.

More on this story here and here.

THE EX-TEXAN BANKER WHO OWNS ANTIGUA

ST. JOHN'S. Wealthy R. Allen Stanford casts a shadow over Antigua, says the Wall Street Journal.

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And the very same Antiguan banker is bank rolling Sen. Tom DASCHLE, wannabe President and US Senate Democrat leader.

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CARIBBEAN HAVENS KNOCK BARBADOS O.E.C.D. SELLOUT

Other offshore havens charge Barbados hurt them all by caving on the OECD's phony 'tax harmonization' demands.

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Be sure to read Dan Mitchell's memo on the current state of the OECD campaign, now that the 2/28 blacklist deadline has expired.

More on this story here and here.

PANAMA SEEKS AREA LEADERSHIP

PANAMA CITY. Looking to become the leader of a Central American free trade bloc, Panama signs a free trade pact with EL SALVADOR.

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CANADA OFFSHORE INVESTMENT WITCH HUNT

OTTAWA. Based on mere suspicion, government orders brokers to reveal 700 offshore investment account holders and their activity.

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LIECHTENSTEIN SCHIZOPHRENIA

VADUZ. Just as the government plays footsie with the OECD tax hounds, it own official slams the nation's bank regulators as incompetent.

More on this story here and here.

JERSEY ONLINE BANKS BOOMING

With £250 billion in island financial assets, politicians want to keep the OECD happy, so long as that 'playing field' is 'level.'

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TAX SHELTER LAWYER CHARGED WITH CRIME

PHILADELPHIA. US tax lawyer and clients indicted for roles in partnership scheme financed by Netherlands offshore bank.

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GADFLY REP. RON PAUL BUZZES GREENSPAN

WASHINGTON. Rep. Ron Paul (R-Tex) questions Fed chairman Alan Greenspan as the world watches a clash of the moral and the mighty.

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CNBC WARNS ABOUT OFFSHORE INVESTING

A rather biased look at the "murky world" of offshore investing.

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SOUTH AFRICAN RAND REVIVAL

JOHANNESBURG. The faltering rand powers to a 3-month high.

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WEAK EURO MAKES GERMAN WEAK

A German named Wolfgang claims euro notes are making him impotent.

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BAHAMAS DEFEAT

The voters of The Bahamas find fault with their wayward politicians. Last week PM Ingraham and his FNM party were soundly defeated in a national referendum on some minor constitutional changes. A 67% voter turnout saw 70% say "NO." Calls for the PM to resign met deaf ears, but new elections approach. That will be the real referendum that counts.

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MANX MADNESS

A wealthy offshore investor has been the subject of a US SEC investigation, although no crime is involved. He regularly trades offshore using his Isle of Man bank account. One recent day he suddenly found his account blocked. Seems a web searching bank employee saw his name in connection with the SEC investigation. When secretly informed, the Manx government ordered his account frozen without even checking with the US government. Lawyers say it will be a bureaucratic nightmare to set things straight.

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U.N. WORLD TAX GRAB

Later this month in Monterey, Mexico politicians meet under United Nations auspices to plan how to impose worldwide income and other taxes on you and me. To understand what's going on at this radical tax collectors' love fest.

More on this story here.

ARRIVEDERCI SVIZERRA

Commenting on the narrow Swiss vote to join the UN, a Wall Street Journal op-ed piece noted: “Now that the Swiss will be on the inside, they will be just one (small) country among 190. Before Sunday, they stood apart, and got all the attention (and resentment) that comes with having the courage to resist the herd.” For wistful nostalgia about growing up in the old Switzerland.

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