Wealth International, Limited

Offshore News Digest for Week of October 29, 2001


I.R.S. FOREIGN DEPOSITORS RULES MAY DIE

Washington insiders say the Bush administration will bury a Clinton IRS proposal to have all US banks report to the IRS interest earned by foreign depositors, thence to home country tax collectors.

More on this story here.

Marshall J. LANGER says these IRS rules could cause an outflow of millions from US financial markets.

More on this story here.

HIGH TAX NATIONS PHONY CAMPAIGN AGAINST TAX HAVENS

You wont read this in the US edition of the Wall Street Journal. They reject articles defending tax havens the WSJ European editors publish. Excellent summary of what's really happening. (Access requires that you be a WSJ Online Journal Subscriber.)

More on this story here.

And Dan Mitchell of Heritage Foundation exposes anti-money laundering and anti-terror laws as a cover for higher tax collections.

More on this story here.

BUSH U.S. TREASURY OFFICIAL SELLS OUT

What a difference terror politics make! Asst US Treasury Secretary who opposed OECD attacks on tax havens, now claims tax havens "create fertile ground for terrorist financing," offering no proof, of course.

More on this story here.

But Bush officials praise anti-terror 'coalition partner' SAUDI ARABIA, even though it won't help chase terror cash at all.

More on this story here.

TAX HAVENS PLEDGE TERROR COOPERATION

Haven nations have cooperated fully in terror account freezes, but sovereign nations don't want to be dictated to by anyone on taxes.

More on this story here.

A MIRACLE: FRANCE, MONACO AGREE

On strong anti-money laundering controls.

More on this story here.

LIECHTENSTEIN TRANSFORMED

This former redoubt of absolute financial privacy now boosts it has no financial privacy for terrorists, money launderers.

More on this story here and here.

ANOTHER GRENADA FINANCIAL FRAUD

Hundreds bilked of $40m in yet another Grenada based fraud.

More on this story here.

NEW CASH FORFEITURE U.S. TASK FORCE

The Bush administration announced yesterday a national anti-crime task force to freeze assets, seize cash, impose fines and prosecute financial crimes. Anti-terrorism is the original focus, but.....!

More on this story here and here.

CANADA ATTACKS TAX ADVISORS & CLIENTS

OTTAWA. Shut up! High tax Canada's tax collectors will hit tax shelter advisors with severe penalties if their tax savings advice goes too far.

More on this story here and here.

NEW ZEALAND CUTS OFFSHORE TAXES

WELLINGTON. The NZ government aims to attract foreign investment by cutting offshore corporate taxes. About time!

More on this story here.

HONG KONG HANG$ IN

The HK Monetary Authority defends the HK$ peg to the US$.

More on this story here.

E.U. BUREAUCRATS HOG TIE BUSINESS

BRUSSELS. Now the EU wants to force all businesses to give workers a voice in management decisions as a matter of law.

More on this story here.

FATF EX-OFFICIAL WANTS TOTAL CONTROL

An ex-FATF bureaucrat says anti-money laundering laws should be used to remove all financial privacy, ease forfeiture.

More on this story here.

U.S. MAY FORCE BROKERS TO ACT AS MONEY SPIES

Not content with bankers as police spies, now the US government wants mutual funds & stock brokers to join the money police.

More on this story here.

WALL STREET TOUTS OFFSHORE HEDGE FUNDS

Times are hard, but hedge funds are still good investments for high net worth individuals, so brokers are pushing them.

More on this story here.

Expert tax advisor has a new 70 page report for you -- “Legal Ways to Save Taxes Offshore or Onshore.”

More on this story here.

Your Web Directory of all the World’s Embassies and Consulates here.


BUSH, U.S. CONGRESS ADOPT “ANTI-TERROR” LAW

WASHINGTON. Curbing personal liberties and constitutional rights, the "representatives of the people" save American freedoms from terrorists by curbing American freedoms.

More on this story here and here and here.

Vastly expanded police powers restricting your rights explained,

More on this story here and here.

NEW U.S. ANTI-TERROR HUNT BEGINS TODAY

Within hours after signing the new law, police are on the march.

More on this story here.

NOW YOU MAY BE SUBJECTED TO:

* warrantless secret police searches of your home and office.

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* greatly expanded wiretapping of phones and the Internet.

More on this story here.

* x-rays & electronic strip searches, sniffing and scans.

More on this story here.

CARNIVORE CURBED?

Rep. Armey slips in warrant requirements for Carnivore.

More on this story here.

NATIONAL I.D. CARDS FOR ALL?

Why not?

More on this story here and here.

AND HOW ABOUT TORTURE?

More on this story here.


OR ILLEGAL DETENTION?

More on this story here.

Another Sept. 11 tragedy: the fear of terrorism is used to barter away rights supposedly guaranteed, without exceptions, to all Americans.

More on this story here.

PANAMA PRAISED FOR ANTI-TERROR HELP

US officials give PANAMA high marks for cooperation in tracing terror cash as this leading tax haven defends against false slurs.

More on this story here and here.

But freedom of the Panama press is another matter.

More on this story here.

SWISS BANKS CLEANER THEN U.S.

The Swiss offer far better financial privacy protections, but are far tougher then the US when it comes to stopping dirty cash.

More on this story here.

IS THE ROCK ON THE BLOCK?

The future of tax haven GIBRALTAR is at stake as UK Labour politicians may capitulate to Spain in talks with a 2002 deadline.

More on this story here and here.

OSTs TO GET U.K. CITIZENSHIP

LONDON. A new law will give 200,000 citizens of British overseas territories full U.K. citizenship.

More on this story here.

GERMAN BANKS OBJECT TO MASTER FILE

FRANKFURT. No need to list every bank account holder to trace a few suspects.

More on this story here.

U.S. IGNORES MAJOR SOURCE OF TERROR CASH

It's SAUDI ARABIA, stupid, not offshore tax havens!

More on this story here.

GUIDE TO CORRUPT NATIONS

Transparency International's new country corruption ratings.

More on this story here.

AVOID NORTH OR SOUTH OF THE BORDER?

Planning a trip to Canada or Mexico? Allow lots of time for border crossings into the USA.

More on this story here.

FINANCIAL ACTION TASK FORCE

WASHINGTON. Their first 'emergency meeting' is held to counter terror cash, but FATF wants much broader powers.

More on this story here and here.

SORRY ABOUT THAT, EH?

OTTAWA. Innocent Canadians are likely to be caught in the new anti-terrorist dragnet and have assets seized.

More on this story here and here and here.

PRIVATE BANKING: R.I.P.?

We don't think it's dead, but FORBES magazine raises the question.

More on this story here.

I.R.S REGS WOULD BOMB FLORIDA BANKS

Florida banks that hold $49 billion in non-resident alien deposits may lose $18-$34 billion under IRS foreign interest reporting rules.

More on this story here and here.

O.E.C.D. WANTS CORPORATE TAX ENFORCEMENT

The busybody OECD now demands international tax collecting powers aimed at offshore corporate subsidiaries and affiliates.

More on this story here.

OFFSHORE FUNDS FLEE U.S. RISK

Business Week surveys the investment climate offshore.

More on this story here.

U.K. MAKES TAX ADVISORS POLICE AGENTS

New law makes private tax advisors report suspicious activity.

More on this story here.

RUSSIAN LAW ALLOWS LAND SALES

President Putin signs law permitting limited Russian land sales, but it covers only 3-10% of all land.

More on this story here.

And the Russian economy actually may be growing.

More on this story here.

DIAMONDS NO LONGER DeBEERS BEST FRIEND

De Beers banks on love to find way out of diamond sales slump.

More on this story here.

SUDDEN TRAVEL BARGAINS

Now's the time to go almost anywhere at new low prices.

More on this story here.

STUPID ILLOGIC: 'NOTHING TO HIDE'

Perverse government, police power grabs destroy the right to privacy: "If you're not guilty, then what have you got to hide?"

More on this story here.

U.S. ANTI-TERRORISM/ANTI-FREEDOM LAW

"This is panicky legislation that, in seeking to reduce one set of dangers, unnecessarily creates another."

More on this story here.

The devil is in the details and at 342 pages, the USA Patriot Act may hide poison pill provisions that could cost the innocent their freedom.

More on this story here.

Here's how the new law could affect your life and liberty.

More on this story here.

New police powers law raises serious privacy concerns.

More on this story here.

And freedom of speech could be a victim as well.

More on this story here.

No 'sunset provisions' here; police get permanent power for Internet surveillance w/o a court order, secretly search homes, offices, share confidential grand jury information with the CIA.

More on this story here.

Text of law signed Friday by Pres. Bush.

More on this story here.

BAHAMAS STOCK EXCHANGE NEAR COLLAPSE

NASSAU. Having badly damaged its offshore financial industry with many new restrictions, the government congratulates itself for opposing 'terrorism'. Meanwhile, the new Bahamas Stock Exchange is collapsing.

More on this story here and here.

SWISS ANTI-M.L. POLICY PRAISED

WASHINGTON. Leading Clinton Treasury official says SWITZERLAND is better than the US at fighting dirty money laundering.

More on this story here.

As continuing proof, the Swiss freeze 24 suspect terror accounts.

More on this story here.

ST. VINCENT WANTS OFF BLACKLIST

The Caribbean islands tighten financial laws in an effort to escape from the hated FATF blacklist.

More on this story here.

SHANGHAI CHALLENGES HONG KONG

Both vie for the top financial hub role in CHINA.

More on this story here.

BUSH SAYS NO TO O.E.C.D. TAX PLANS

As we noted last Tuesday, the Bush administration has restated its opposition to the OECD's phony 'harmful tax competition' campaign.

More on this story here.

FOREIGN INVESTORS IN U.S. UNDER ATTACK

A new report says proposed IRS rules killing US foreign investor privacy could cost the US billions of dollars in foreign savings.

More on this story here and here.

LAUNDRY FOCUS ON U.S. SECURITIES FIRMS

WASHINGTON. 83% of US brokerages and 60% of mutual funds have no means to identify sources of customers' money, verify identities, or report suspicious activities.

More on this story here.

CANADA government regulators are tracking down all citizens with offshore investment accounts of any kind.

More on this story here.

WHAT DO YOU KNOW ABOUT ISLAMIC BANKING?

It's in the news, but do you know how very different Islamic banking is from western banking? Interesting facts you need to know.

More on this story here.

EMERGENCY F.A.T.F. MEETING

WASHINGTON. “Anti-terrorism” was the cry at FATF's urgent meeting this week. But the Paris bureaucrats see a much wider role for their anti-offshore policies disguised as concern about clean money.

More on this story here and here.

Interesting account of FATF meeting and plans.

More on this story here.

FATF Oct. 31 anti-terrorism recommendations.

More on this story here.

FATF 17 current blacklisted nations.

More on this story here.

HON. RON PAUL COMPARES TWO WARS

The Texas US congressman hopes the anti-terrorism war will not repeat the damage the 'war' on drugs has done to US liberties and freedom.

More on this story here.

HIGH TECH CARNIVORE TO EXPAND SPYING

WASHINGTON. Anti-terrorism is the excuse for all sorts of new high tech invasions of privacy by police at all levels,

More on this story here and here.

U.S. & U.K. IDENTITY CARD DEBATE RAGES

That favorite of apartheid South Africa, the domestic “pass” or personal identity paper, thrills bureaucrats and police. “Your papers please!”

More on this story here and here.
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