Offshore News Digest for Week of August 6, 2001

MIGHTY O.E.C.D. HOG TIED

The continuing dispute between Spain and the UK over GIBRALTAR continues to interfere with OECD plans on taxes and info exchange.

SWISS PRIVATE BANKS PRESSURED

In spite of record profits, traditional Swiss private banks are feeling the merger heat from major international banking firms.

E.U. BUREAUCRACY BLOATS

Possible EU enlargement could mean 400 more bureaucrats.

DUAL NATIONALITY

Why is second citizenship increasingly popular? Find out here,

U.K. MONEY LAUNDERING HEATS UP

LONDON. The Financial Services Authority hones in on dirty money as the FSA expands new rules and cases rise to record highs.

BELIZE ECONOMY GROWS, PROBLEMS REMAIN

A recent IMF study shows GDP growing, inflation low and net reserves up. But lots must be done.

BERMUDA EXCHANGE TOPS

Bermuda Stock Exchange (BSX) recorded a 52%t increase in its 2000 share index, the world's top performing market for the year.

DUH! DUMB U.S. INVESTORS

Most US investors are seriously uninformed about the risks they face in a sinking stock market.

ASIA RESISTS ECONOMIC TURMOIL

Surviving the latest round of emerging market turbulence shows Asia's resistance to financial woes striking elsewhere.

BARINGS BANK LINGERS ON

The long-awaited court case to decide who pays the bill for the demise of Barings Bank is postponed again.

U.S.-U.K. TAX TREATY DISPUTE

Already the new treaty's supposed tax savings are in dispute.

EU W/H TAX, INFO EXCHANGE

EU officials want to tax cross border interest payments and impose international information exchange, but the US, Liechtenstein, and Switzerland wont cooperate so far, thank you.

E.U. HITS DUTCH TAX BREAKS

The EU's Competition Commissioner charges the Netherlands gives disproportionate tax advantages to international companies.

AUSTRALIAN TAX SCHEMES

CANBERRA. The Australian Tax Office may slap financial penalties on promoters of shady tax schemes.

U.S. TAX COMPLIANCE COSTS

Meeting IRS requirements cost billions of dollars and hours.

600 MORE I.R.S. AGENTS

The US IRS wants to hire 600 more special agents nationwide to investigate criminal fraud and money laundering.

GOVERNMENT EYES HAVE IT (AND YOU)

LONDON. A revolutionary eye-scanning technique for clearing customs and immigration control goes on trial at Heathrow this fall.

JUDGE SAYS EXPLAIN D.O.J. SNOOPING METHODS

US government surveillance techniques may violate privacy rights.

LEVIN OFFSHORE ATTACKS CONTINUE

WASHINGTON. Using the tired excuse of fighting dirty money laundering, Sen. Carl LEVIN (D-Mich) has introduced yet another bill which would severely restrict offshore banking and further reduce offshore financial privacy for US persons.

O.E.C.D. - WHO CARES? DEPARTMENT

PARIS. Abandoned by the US, the OECD says it will extend its "deadline" for action against tax havens indefinitely.

B.V.I. WARNS O.E.C.D.

ROAD TOWN, B.V.I. Ralph O'NEAL, Chief Minister of the British Virgin Islands, warns the OECD it had better consult small tax havens,or else!

NO CAYMANS INCOME TAX

GEORGE TOWN, C.I. Although they pledged cooperation with OECD tax hounds, the Cayman Islands government categorically denies rumors of any plan to impose income taxes in the islands.

For a new Financial Times survey of the CAYMAN ISLANDS, see

GRENADA BANK MESS

The sordid mess left after the collapse of the 1st International Bank of Grenada is slowly being exposed.

COOK ISLANDS TRUST IN U.S. COURT

BALTIMORE, Maryland USA. A local court is trying to find millions possibly stashed in a COOK ISLANDS trust.

And a reporter discovers the wonders of Cook Islands finances.

PANAMA E-COMMERCE

A new law, the first of its kind in Central America, is expected to give Panama's e-commerce industry a much needed boost.

IRISHMAN’S OFFSHORE “BAD THOUGHTS”

DUBLIN. A former government official says he used offshore bank accounts in the ISLE OF MAN to hide income, “probably because he had bad thoughts at the time.” Perhaps even that traditional euphemism “impure thoughts”?

GERMAN TAX RULING

The nation's highest tax court rules that any anonymous cash transactions can be considered possible tax evasion, waiving bank confidentiality rules.

THAI STOCK SCAM FALLOUT

The very real dangers of "cold calling" stock sales to the gullible and what you can do about it.

AUSTRALIAN TAX DANGERS

Experts warn high corporate and other taxes open Australian companies to offshore takeovers.

RUSSIA JOINS DIRTY MONEY FIGHT

By officially signing a treaty, it can freeze funds anywhere.

U.S. PAYS FOR FACE TECH

Government millions finance application of face surveillance technology to military, intelligence uses and to you.

U.S. SECRET SNOOPING

The FBI uses ChoicePoint software to secretly obtain your personal info tied to your Social Security number.

FBI HEAD PROTECTS CARNIVORE

The new FBI head refuses to commit to an independent review of the Carnivore email surveillance system.

SOUTH AFRICAN WEB SPIES

Protests grow in South Africa against wide ranging police authority to monitor online communications.

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