Wealth International, Limited

Offshore News Digest for Week of July 29, 2002


E.U. TAX DIRECTIVE DEATH HELPS SWISS BANK SECRECY

ZURICH. European Union attempts to force Switzerland to give up banking secrecy may fail as the US government says no to the EU tax plan.

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Swiss National Bank cuts rate to weaken strong Swiss franc.

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$4.8 million from Swiss bank accounts surrendered; jail avoided.

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The Center for Freedom & Prosperity gives the inside story on the Bush administration's rejection of the EU savings tax directive.

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BRITISH TAX COLLECTORS CLAIM IRELAND IS TAX HAVEN

LONDON. UK Inland Revenue declares low tax Ireland a tax haven, excluding it from double taxation treaty rights.

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JERSEY WARNED OF BAD P.R.

ST. HELIER. Consultant says Channel Island's image drives away talent.

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GIBRALTAR OCTOBER REFERENDUM SET

In spite of UK and Spanish opposition to a vote, the Rock will vote on its own future in October, rejecting split sovereignty.

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RUSSIA: NEW INVESTMENT FRONTIER?

Oil, banking, farming, the nation's economy is humming. Business Week's International Edition special report.

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BAHAMAS TERRORIST BANK? WASHINGTON WON'T PROVE IT.

NASSAU. Attorney for Bank Al-Taqwa demands proof of US charges of terrorist cash, and Washington says just believe us.

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URUGUAY UP AGAINST THE WALL

MONTEVIDEO. The 'Switzerland of South America' sees US$5 billion in bank deposits (33% of total), flee in the last 6 months.

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Is Latin America turning left politically?

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NEW ZEALAND LABOUR KEEPS MINORITY CONTROL

AUCKLAND. Another minority coalition; Labour gets only 41%.

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THOUSANDS OF SAUDI PASSPORTS GONE

RIYADH, Saudi Arabia. 5,610 Saudi passports stolen or lost in 8 months.

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U.S TAX INSURANCE LOOPHOLE ALLOWS BIG TAX SAVINGS

The NY Times anti-wealth writer reveals what the very rich already know; $1 spent on life insurance can cut $9 in estate, gift taxes.

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1 in 1000 Americans earned over $200,000 and paid no taxes.

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USA was born in a tax revolt. A history of US taxation.

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IRS INVESTIGATES TAX SHELTER FIRMS

They want to know if law firms should have registered as tax shelter promoters.

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U.S. POLICIES HELPED TERROR MONEY LAUNDERING

US emphasis on banks money laundering role prompted use of hawala, the terrorists' favorite cash conduit.

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JAPANESE TAX COLLECTORS LOOK OFFSHORE

TOKYO. Claim billions of un-taxed yen stashed in tax havens.

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FINANCIAL FRAUD WAY UP IN U.K.

LONDON. Total value of fraud cases increased 2 times to 255m.

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SUIT LINKS OFFSHORE SCAM TO SPORTS NAMES

BIRMINGHAM, Alabama. The Millennium Fund promised high returns as a developer of offshore casinos.

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LEADING HOUSE REPUBLICAN BLAST EU/IRS TAX PLANS

WASHINGTON. In a highly significant move, the powerful chairman of the US House Ways & Means (Tax) Committee publicly demands the Bush administration state its position against the EU 'savings tax directive' and an IRS-proposed foreigners US income reporting rule.

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US Treasury spokesman confirms US opposition to EU directive.

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U.S. CONGRESS TARGETS TAX HAVEN COMPANIES

WASHINGTON. Politicians target US corporate tax refugees.

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'Bermuda tax loophole' under more legislative scrutiny.

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SHAKY BAHAMAS STOCK EXCHANGE

NASSAU. The government may bail out floundering BISX.

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GIBRALTAR REVEALS NEW TAX PLANS

Corporate tax cuts, changes to take effect July 1, 2003.

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MORE ABOUT IRELAND AS A U.K. DESIGNATED TAX HAVEN

LONDON. Irish subsidiaries of UK companies must satisfy tests or Irish profits will be double taxed by both the UK and Ireland.

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SAUDI ARABIA ON BRINK OF COLLAPSE?

Anti-government protest demonstrations; funds flee to Liechtenstein. Will Al Qaeda take over the government and rule its own nation?

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HOW BIG 5 OFFSHORE ACCOUNTING FIRMS AVOID REGULATORS

Major offshore accounting firms have devised their own careful corporate structures to avoid showing their files to any government regulators.

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U.S. OFFSHORE INTELLECTUAL PROPERTY TAX RULES CHANGED

Offshore tax break curb may be part of anti-offshore political frenzy.

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GREENBACK ON ITS BACK?

Forbes recommends euro-denominated investments now.

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What about the lawyers' role in corporate scandals?

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MILLIONS LOST IN SHAM OFFSHORE FUND

The Millennium Fund was a mirage that hurt many.

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INSIDE STORY OF THE NIGERIAN E-MAIL FRAUD

NPR delves into the history of too-good-to-be-true frauds.

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SWITZERLAND DAY CELEBRATION

ZURICH. 711 years as a confederated nation, neutral and at peace.

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Dirty cash accused Swiss ambassador stays in jail.

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Swiss won't yet assist Argentina in Menem bribery probe.

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ANOTHER BANK LEAVES PANAMA

Societe Generale, 2nd largest French bank, shuts down.

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BRITISH VIRGIN ISLANDS CHANGE ASKED

ROAD TOWN, BVI. Colonials ask more local power from British Foreign Office, revised constitution. Income tax to end in 2004.

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BERMUDA INCORPORATIONS DROP

HAMILTON. Number lowest since 1999, decline for the 2nd quarter in a row; weak markets, expatriation controversy to blame.

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IBM buys Pricewaterhouse consulting, Bermuda company plan dropped.

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I.R.S. WANTS SCALED DOWN FOREIGN TAX REPORTING

WASHINGTON. Warmed over Clinton plan regs proposed by IRS.

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LATIN AMERICA IN TROUBLE?

Latin American economies 'vulnerable'.

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Uruguay bank freeze extended.

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Brazil's Real falls to lowest level.

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BRITISH TURN AGAINST EURO

LONDON. Anti-euro mood hardens among Brits.

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HEDGE FUNDS DISAPPOINT

Despite a bear market, hedge funds struggle to do well.

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ANOTHER REASON TO GO OFFSHORE

US court ruling on ERISA greatly expands employers' liability.

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U.S. SEIZES TEXAS HOUSE OF PHONY OFFSHORE SHEIK

FORT WORTH. Feds grab property linked to offshore investment fraud.

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MONEY LAUNDERING 101

Ten common violations of anti-money laundering laws.

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PATRIOT Act bank surveillance software ready to spy.

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U.S. TAKES OUT DEBT CONSOLIDATION LOAN

WASHINGTON. Plagued by late fees, high interest rates, harassing creditors, the US takes out a debt consolidation loan combining the nation's $6.1 trillion debt into a single, easy monthly payment.

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