Offshore News Digest for Week of May 6, 2002

U.S. CORPORATE SLAVES?

More from Dan Mitchell on wrong headed legislative attempts to curb the right of US corporations to move offshore to reduce taxes.

US left-wingers in the Democrat party want to make offshore US business moves a 'rich vs. poor' political issues in the next election.

HONG KONG CRISIS OF CONFIDENCE

One of the world's richest city-states has a bad case of nerves.

GIBRALTAR STIFFS UNITED KINGDOM

Residents of The Rock greet the UK Foreign Secretary with scorn and plan a quick referendum to embarrass both London and Madrid.

Gibraltarians jeer UK's Straw as 'traitor.'

WHY SWISS VOTED TO JOIN THE UNITED NATIONS

Mark Nestmann, editor of The Sovereign Individual, explains the real reasons behind the narrow Swiss vote to join the UN.

GRENADA BANK CLOSURE SHAKES BRIT INVESTMENT GROUP

Grenada regulators takes over Imperium Bank, offshore subsidiary of controversial British based Imperial Consolidated Group.

PRESUMED GUILTY

New USA Patriot Act anti-money laundering credit card rules presume offshore credit card holders are crooks.

Patriot Act anti-dirty cash rules governing US insurance companies are delayed for 6 months; too complex to handle in so short a time.

MOST INVESTORS STAY HOME

Despite better returns offshore, most investors choose to keep their money at home in domestic investments.

BRITS APE U.S. LAWSUIT CRAZE

The UK rush to litigation mirrors the horrendous US court crisis.

PAUL BLASTS OFFSHORE BUSINESS SUBSIDIES

US Rep. Ron Paul (R-Tex) exposes a real offshore scandal; US government Ex-Im Bank subsidies for big business.

LUCKY DOWN UNDER

NEW ZEALAND hailed for a lucky economic situation.

JAPANESE HIT HARD TIMES

TOKYO. Continued recession ends the Japanese taste for luxury.

And Communist CHINA discovers 'private banking'.

BANKS DENY RAND RAID

Foreign banks in SOUTH AFRICA deny a role in fall of the rand.

I.D. THIEVES USE FAKE U.S. TAX FORMS

Fake bank and tax forms are being used to steal IDs.

NEW BAHAMAS GOVERNMENT REVIEWS ANTI-OFFSHORE LAWS

NASSAU. Confirming our report of yesterday, the new PLP government says it will review the anti-offshore laws adopted by the defeated FNM.

MORE PROOF HAVENS NOT USED BY TERRORISTS

WASHINGTON. US intelligence officials admit they failed to find any sort of cash paper trail leading to the 11 Sept. attacks.

E.U. CHARGED WITH HARMING GIBRALTAR

As IBC registrations drop, Rock financial leaders charge EU actions have caused uncertainty and that the EU has sided with Spain.

MALTA PROMOTED AS WORLD TRADE CENTER

VALETTA. The low tax island is promoted as the place to do business in the Mediterranean.

GOLD HITS A 26-MONTH HIGH

LONDON. Spot gold prices hit a new high in London, boosting gold producer shares and the South African rand.

U.S GOVERNMENT LOVES SECRECY

Post 9-11, US government officials use secrecy to its hilt and beyond, as basic liberties are curbed with little protest.

Because most Americans seem willing to surrender their liberties in fear of terrors yet unknown.

CANADA ANTI-TERROR BILL ATTACKED

OTTAWA. Government's latest draft of anti-terrorism legislation is tainted by an alarming potential to curb civil liberties.

EUROPE MOVES RIGHT

Regardless of the French election outcome, Europe is moving right politically. Here's a country roundup of recent developments.

U.S. WITHDRAWS FROM WORLD CRIMINAL COURT

WASHINGTON. The Bush administration withdraws the US signatory status from the treaty setting up the International Criminal Court.

U.S. Rep. Ron PAUL's pleased reaction.

Reasonable Doubt: Case Against the International Criminal Court.

MARX IN AMERICA?

You may be shocked to learn the role that Karl Marx's utopian vision plays in contemporary American society.

IS THE 'AmeriSnitch' SPY PROGRAM WATCHING YOU?

Using the usual 'anti-terrorist' excuse, the government fosters a national network of spies looking for 'suspicious people.'

NEW BAHAMAS FINANCE MINISTER HITS O.E.C.D.

NASSAU. James Smith, finance minister in the new PLP government, accuses the OECD of "economic neo-colonialism" and unfair treatment of offshore tax havens. Elections do make a difference.

And the Nassau Institute charges the OECD is an illegal renegade.

SWISS BANK SECRECY STALEMATE

Talks with the European Union bog down as the Swiss insist bank secrecy is not negotiable, but the EU says it must be.

The EU accuses the Swiss of blocking a European deal on cross border taxation by insisting on bank secrecy.

The number of reported Swiss money laundering cases is on the rise.

HONG KONG DEFENDED

An observer on the scene says the fundamentals are sound, but the Beijing Communist hand picked government is inept.

And HK gets a good credit rating from S&P.

BLOODY ANTI-TAX PROTEST

BRANDENBERG, Germany. An alleged descendant of the infamous Count Dracula wants to establish a low-tax 'kingdom' in Germany.

O'NEILL CALLS FOR RADICAL TAX REFORM

US Treasury Secretary says end corporate taxes, overhaul the tax code.

U.S. CORPORATE MOVE BECOMES POLITICAL ISSUE

Offshore re-incorporation raises hackles in a company town.

HER MAJESTY'S TAX EXEMPTION

LONDON. Queen Elizabeth II will pay no inheritance tax on her late mother's $73 million estate. Sovereignty, you know, old boy!

U.K. LABOUR WANTS CORPORATE SURVEILLANCE

LONDON. Government powers to put companies under surveillance and imprison corporate directors will infringe basic human rights.