Offshore News Digest for Week of September 16, 2002

SPOTLIGHT ON CORPORATIONS AND OFFSHORE PROFITS CONTINUES

US Congress 'Inversion Amendments' Are Political.  More on this story here.

Dan Mitchell: The Battle Against Fiscal Protectionism.  More on this story here.

Dan Mitchell again: Corporate Expatriation Protects American Jobs.  More on this story here.

Punishing American Taxpayers.  More on this story here.

“Corporate Inversions”: Issue & FAQ.  Link here.

SWISS SILENCE IS STILL GOLDEN

Time Europe looks at the state of Switzerland's bank secrecy.

US-Swiss anti-terror cooperation increasing.

BANK OF IRELAND (JERSEY) TELLS ON TRUST CLIENTS

Trust investors are turned in to UK and Irish tax collectors.

Jersey suffering from lack of investor confidence.

U.K. THREATENS CHANNEL ISLANDS FINANCIAL PRIVACY

UK Proceeds of Crime Act disrupts traditional financial secrecy.

GUERNSEY says it proves there was no bin Laden link to island.

HONG KONG DENIES END OF DOLLAR LINK

Pegging of the Hong Kong dollar to the US dollar will continue.

CAYMAN ISLANDS LEADER SAYS NO TAX SURRENDER

GEORGE TOWN, C.I.: No bowing to EU tax directive and continued dual criminality rule for tax evasion (but what about the US IRS treaty?).

BERMUDA GOVERNMENT DEFENDS POLICY

HAMILTON: Bermuda says it is fighting US corporate inversion attacks.

BRITISH VIRGIN ISLANDS PROSPER SINCE PANAMA INVASION

When Bush, The Elder, invaded Panama in 1989, BVI was a beneficiary.

NEVIS STILL WANTS INDEPENDENCE

CHARLESTOWN: Independence movement still alive and well.

And the offshore financial sector isn't doing so badly either.

I.R.S. ABUSE, OPPRESSION FORGOTTEN

Agency reverts to brutal enforcer as politicians suffer from amnesia.

BUSH I.R.S. TAKES AIM AT THE RICH

Lame duck IRS commissioner targets high income Americans.

I.R.S. WANTS TO LAY LOW THE RICH

Tart commentary by Lew Rockwell on the US Tax Code.

FORBES ANNUAL LIST OF WEALTHIEST AMERICANS OUT FOR 2002

400 richest US persons have lost billions since the last accounting.

DO RICH PEOPLE ACT LIKE ANIMALS?

Billionaires in the Mist; a natural history of the rich.

What does it cost to live extremely well? A price list.

BERMUDA BILLIONAIRES INCLUDE NEW YORK MAYOR

HAMILTON: Forbes latest rich list includes many island residents.

WHICH ARE THE RICHEST E.U. NATIONS?

OECD tabulation using per capita income as the measure.

OFFSHORE INVESTMENT IS NOW THE PLACE TO BE

It looks good, says Business Week.

AUSTRALIAN stocks, Asian real estate are attractive.

WORLD INSURANCE INDUSTRY PUSHED TO THE LIMIT

9/11 claims processing and payouts have wrecked profitability study says.

Insurance rates and premiums are skyrocketing.

INVESTORS' FURY FUELS A LEGAL BANDWAGON

Stock market crash has shareholders' suing everybody, lawyers smiling.

REP. RON PAUL (AGAIN) SAYS ABOLISH THE FED

The Texas congressman says end the Fed, goodbye Greenspan.

AUSTRALIAN POLICE LEAD IN WIRETAPPING

20 times the US police wiretap rate.

ACLU: RESTRICTIONS ON U.S. FREEDOM MAY LAST FOR YEARS

Says public unaware that anti-terror curbs curb liberties.

American Civil Liberties Union home page: here.

AMERICANS DIVIDED ON RIGHTS VS. SECURITY

We are all in Danger says Nat Hentoff of The Village Voice

EUROPEAN TAX HAVENS WEAKENED BY COMPROMISE

Compromise with the Labourite British Foreign Office has seriously cut financial privacy in UK Crown Dependencies; compromises with the EU and OECD has hurt almost all European havens, new CEPS report claims.

SWISS REJECT ARGENTINE REQUEST ON MENEM

ZURICH: Insufficient evidence against ex-pres. Carlos Menem in bribery probe.

ALMOST ALL GRENADA OFFSHORE BANKS SHUT DOWN

ST. GEORGE'S: 4 more offshore banks closed; in 18 months 36 shut down, only 9 remain. Closed banks involved in fraud, scams, corruption.

CAYMANS TIGHTENS CONTROL OVER ACCOUNTANTS

GEORGE TOWN: CIMA issues list of approved auditors.

O.B.N.R. OFFSHORE SCAM SEMINAR

MIAMI: Offshore Alert's 1st Due Diligence & Asset Recovery Symposium targets fraudulent offshore investments, banking.

Conference agenda here.

THE MESS AT THE U.S. INTERNAL REVENUE SERVICE

Split personality US politicians rail against IRS thuggery but demand stricter tax enforcement, cut budgets but demand more work. [In other news, US politicians demand hamburger for all, but that no cattle shall be slaughtered.]

So why not go ahead and repeal US corporate taxes?

IS THE GOLD STANDARD HISTORY?

Lew Rockwell looks at public ignorance and US monetary policy.

Nobody likes, uses or wants the US “gold” dollar.

FOLLOW THE MONEY: IN IRAQI WAR SCENARIO, OIL IS THE KEY ISSUE

American drillers have their eyes on a huge petroleum pool.

CUT YOUR INCOME TAXES WITH AN “S” CORPORATION

From Business Week: Subchapter “S” corporations available for one person businesses.

MONEY LAUNDERING UPDATE

U.K. accountants must turn in clients to the money police.

A review of what “money laundering” means in the law now.

40,000 politicians under suspicion of dirty cash dealing.

SWISS BANKS COUNTERATTACK IN RHETORICAL WAR

ZURICH: Top Swiss bankers lash back at EU and British demands to end Switzerland's “non-negotiable” banking secrecy.

ISLE OF MAN INSURANCE INDUSTRY FACES CHANGE

The mainstay of the island's offshore economy will change, but how?

BANK OF IRELAND CONFIRMS OFFSHORE TRUSTS INFO DIVULGED

DUBLIN: “Yes, we told the tax collectors”, bank says.

U.S.-BARBADOS TALKS FOLLOW U.S. CONGRESS ACTION

BRIDGETOWN: High level talks after US Congress labels nation a tax haven involved with American corporate “inversions.”

BERMUDA BILLIONAIRES INCLUDE NEW YORK MAYOR

HAMILTON: Forbes latest rich list includes many island residents.

LATIN AMERICAN NEWSBITS

ST. JOHN'S, ANTIGUA: Scandal charges roil Bird's government.

BELIZE: Guatemala and Belize set to resolve longstanding border dispute.

U.S. TAX MESS - O.E.C.D. ACTUALLY MAKES REASONABLE POINTS

Study says US tax system is inefficient, too complicated, unfair.

US subsidiaries of foreign corporations paid record amount of US tax in 1999: $23.9 billion. Their total US assets, $4.8 trillion.

Possible Iraqi war, big budget deficit mean no Bush tax cuts.

WORLD FOREIGN INVESTMENT DROPS BY HALF

Foreign direct investment worldwide more than halved last year to $735 billion from a record $1,492 trillion in 2000.

BLAIR SAYS LABOUR BACKS WEALTH 'REDISTRIBUTION'

LONDON: Dog-eared socialist doctrines revived in the UK.

MORE U.S.A. PATRIOT ACT MONEY LAUNDERING RULES

WASHINGTON: American business, financial community forced to spy and report “suspicious transactions”, from casinos to hedge funds to life insurance, everybody is a suspected money launderer.

INSIDE LOOK AT THE F.B.I. ANTI-MONEY LAUNDERING WORLD

A revealing interview with a leading FBI anti-money laundering agent gives a rare look at how the money cops think and act.

THE BUSH WAR ON IRAQ

Isn't the US Congress the party that declares war?

US Rep. Ron Paul talks about “Entangling Alliances”.

Alan Bock says “Don't take the UN too seriously”.

CARTOONIST TED RALL: “UNITED WE BLAND”

SOUTH AFRICA PLANS POLICE STATE EAVESDROPPING

CAPE TOWN: Proposed law gives police wide powers to monitor communications of all kinds.

WHAT A NATIONAL I.D. CARD MAY LOOK LIKE

Read this and shudder for personal privacy and individual freedom.

COULD YOU BE HELD IN SECRET WITHOUT CHARGES?

Yes, if you get caught in the Bush-Ashcroft snatch & jail raids.