Wealth International, Limited

Offshore News Digest for Week of June 24, 2002


SCHIZOPHRENIC SWISS

You would think that under EU and OECD pressure to compromise their statutory banking secrecy, Swiss leaders would present a united, strong defense front. Check the articles listed below and guess again.

Swiss President Villiger rebuffs EU attack on banking secrecy.

More on this story here.

Swiss admit to bank rule flaws. Financial Times.

More on this story here.

Swiss Banking Official Says Tax Info Position Hard to Defend.

More on this story here.

Swiss-EU Talks Underway Again.

More on this story here.

I.B.C. BONANZA: ISLE OF MAN MAY END CORPORATE TAXES

Radical plans to slash corporation tax from 20% to zero, in a gesture of defiance to Gordon Brown, the UK Chancellor.

More on this story here.

GIBRALTAR TURMOIL CONTINUES

Spanish-UK deal on The Rock looks dead, but Labour's UK Foreign Office toadies keep on smearing this offshore financial center.

More on this story here and here.

BAHAMAS SEMANTICS GAME

Not encouraging: the new PLP government minster plays word games. When is a 'financial center' not an 'offshore financial center'?

More on this story here.

HONG KONG'S NEW GOVERNMENT UNVEILED

Tung Chee-hwa, Hong Kong's Beijing-approved chief executive, unveils his power play take over of government; civil service be damned.

More on this story here.

RUSSIA CONSIDERS OFFSHORE CASH AMNESTY

Won't you come home dear rubles, won't you come home!

More on this story here and here.

OFFSHORE TAX SAVINGS ON INTELLECTUAL PROPERTY

Ship your patents and copyrights to a tax haven entity and save on high US taxes.

More on this story here.

And there are big operating savings in 'outsourcing' offshore.

More on this story here.

BERMUDA-BASED TYCO'S OFFSHORE TAX SAVINGS

Tax cutting strategies saved $600 million plus, with 150 subsidiaries in Jersey, Cayman Islands, Luxembourg and Barbados.

More on this story here.

A G-7/G-8 PRIMER

Big Boys of G-7 & 8 meet in Canada Wednesday. Here's a guide.

More on this story here.

FOUR NATIONS GET OFF DIRTY CASH LIST

But a 'filthy fifteen' remain on FATF's blacklist.

More on this story here.

WHITE COLLAR DESPERADOES

CNN's Lou Dobbs says ex-S&L fraudster Charles Keating is now advisor to an offshore investment firm in BELIZE.

More on this story here.

NEW YORK TIMES TAX SMEAR ANSWERED

Accounting firm Ernst & Young says its tax shelters are legal.

More on this story here and here.

I.R.S. DEMANDS INTERNAL WORKING PAPERS

In what it calls an effort to shut down 'abusive' corporate tax shelters, the IRS will demand private internal papers.

More on this story here.

And the IRS revives its taxpayer hated 'random audits'.

More on this story here.

Why You Can't Trust The IRS, Cato Institute.

More on this story here.

Top Ten Civil Liberties Abuses of the Income Tax, Cato Institute.

More on this story here.

U.S. COURT BARS FRAUDULENT TRUST PLANS

Rex E. Black customers list turned over for more investigation.

More on this story here.

MONEY MOVES

O.E.C.D. WANT CASHLESS SOCIETY.

More on this story here.

U.S. TO CHANGE CASH COLORS.

More on this story here.

U.K. POUND STERLING BACKERS DON'T TRUST LABOUR.

More on this story here.

DOLLAR HITS TWO-YEAR EURO LOW.

More on this story here.

BILL BONNER SEES MORE BEARS

This is the second phase of a bear market, he says.

More on this story here.

CATO REPORT ON GLOBAL ECONOMIC FREEDOM

Hong Kong is still the world's freest economy, Singapore a close second. Cato's annual report on economies of 123 countries.

More on this story here and here.

Cato report on 'International Tax Competition.'

More on this story here.

BAHAMAS ECONOMY IN DIRE STRAIGHTS

NASSAU. After badly damaging the offshore sector, the ousted FNM government left behind an economic mess.

More on this story here.

BERMUDA-U.S POLITICS

WASHINGTON. American election complicates offshore tax issues.

More on this story here.

ISLE OF MAN ENDS CORPORATE TAXES

DOUGLAS, IoM. Offshore IBCs will thrive under zero tax regime.

More on this story here.

ADOPT GIBRALTAR?

Will The Rock get a voice and a vote in the UK House of Commons?

More on this story here.

LATEST F.A.T.F. BLACKLIST

FATF Thirteenth Annual Report.

More on this story here.

WALL STREET THE REAL TARGET?

RON HOLLAND poses the question: Was the Real 9/11 Terror Target Wall Street; What's Next?

More on this story here.

AMERICANS TAXED ON WORLDWIDE INCOME

Here's the US Supreme Court case that established the rule; COOK v TAIT, 265 US 47 (1924)

Read the case here.

PROPERTY IS A CIVIL RIGHT

Law professor explains why property ownership means liberty.

More on this story here.

THE MYSTERY OF CENTRAL BANKING

Murray Rothbard's 'The Mystery of Banking' explains the system.

More on this story here.

NIGERIAN SCAM KEEPS ON ROLLING ALONG

Flood of e-mails fleece the unthinking greedy.

More on this story here.

ALL EYES ARE ON YOU! IS THIS A DAY IN YOUR LIFE?

Every minute of every day THEY are watching what you do.

More on this story here.

BANKS SPY ON YOU

Wells Fargo, UBS, Schwab, Citigroup are all government informers.

More on this story here.

A PLOT TO CONTROL ENCRYPTION?

Are US software makers conspiring to compromise encryption?

More on this story here.

GOVERNMENT MAKES YOU PAY FOR WIRETAPPING

FBI demand for new surveillance forces telecoms to upgrade equipment, forego new customer services and you pay the bill.

More on this story here.

FBI CHECKING LIBRARY RECORDS

Agents visit libraries and check reading records of suspects.

More on this story here.

MONEY, MOB TIES ALLEGED IN MONACO BOOK

PARIS. Allegations of money laundering, Mafia activity and a co-opted judiciary. The principality's government denies and protests.

More on this story here.

LIFE IN GIBRALTAR UNDER THE GUN

Economic ties bind Gibraltarians to mainland Spain, even as The Rock backs unending British colonial control.

More on this story here.

And Gibraltar may follow Isle of Man with zero corporate taxes.

More on this story here.

EXPERTS SEE MANX I.B.C. BOOM

Zero corporate taxes means more business, could hurt Channel Islands.

More on this story here and here.

ISRAEL PLANS TO BECOME TAX HAVEN

TEL AVIV. Fresh off the FATF blacklist, Israel plans to encourage foreign companies to relocate their operations with tax breaks.

More on this story here.

AUSTRALIA-NAURU ALLIANCE HELPS BOTH

CANBERRA. Refugees and money laundering issues blend.

More on this story here and here.

ST. VINCENT MAKES F.A.T.F. ALMOST HAPPY

KINGSTOWN. We'll get off that blacklist yet, pledges PM Gonsalves.

More on this story here.

ST. KITTS-NEVIS ECONOMIC HEALTH SOUND

BASSETERRE. I.M.F. judges this tax haven's economy is good.

More on this story here.

FRAUD DRIVES FOREIGN INVESTMENT AWAY FROM U.S.

$5 trillion in foreign capital could flow out as scandal spreads.

More on this story here.

U.S. CONGRESS TARGETS TAX HAVENS

WASHINGTON. Lawmakers are urged to go slow on ban against US company reincorporations in offshore tax havens.

More on this story here.

IRISH HIGH COURT ORDERS CAYMAN BANK NAMES REVEALED

DUBLIN. Full disclosure of Ansbacher (Cayman) bank account holders is ordered for July 2nd; possible tax evasion is the issue.

More on this story here.

BRITS INVEST IN OFFSHORE SUN

LONDON. 700,000 Brits have invested in offshore real estate in Spain, Portugal, France and Italy.

More on this story here.

DEMOCRATS TARGET CORPORATE OFFSHORE ABUSE

US Democrat politicians will make a major issue of corporate greed, even as they demand business contributions.

More on this story here.

FinCEN RULES FOR FOREIGN PERSONS U.S. ACCOUNTS

Proposed FinCEN rules for US banks' due diligence covering all offshore correspondent and private banking accounts for non-U.S. persons.

More on this story here.

POOR PLANNING PLUCKS PRINCESS

LONDON. Princess Margaret left 7.7 million in her will but the UK taxman took almost 3 million in inheritance taxes.

More on this story here.
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