Offshore News Digest for Week of May 13, 2002

BAHAMAS BAR LEADER KNOCKS O.E.C.D.

NASSAU. Dr. Peter D. Maynard discusses OECD destabilization of "small fragile countries primarily populated by people of color."

BERMUDA OFFICIALS LOBBY U.S. CONGRESS

HAMILTON. Fearful of restrictions on US corporate moves offshore, top Bermuda leaders visit Washington to state their case.

'Enron anger' may give push to US offshore corporate curbs.

DOMINICA BANKER PLEADS GUILTY

The former president of a "rogue" Caribbean bank pleads guilty to a money laundering conspiracy charge.

SWISS SWITCH?

The Swiss Foreign Ministry says it is willing to discuss changes in the nation's bank secrecy laws with EU negotiators.

LIECHTENSTEIN CLAIMS U.S. SUPPORT

The head of government says US Treasury Secretary O'Neill backs the principality in its struggle with the OECD.

STRAW ATTACKED FROM ALL SIDES ON GIBRALTAR

UK Foreign Secretary attacked by Labour colleague and Rock residents over plans to surrender of sovereignty to Spain.

DISPELLING THE E.U. TAX HARMONY MYTH

Dan Mitchell of the Heritage Foundation counters EU tax bureaucrats who claim the move toward a "single market" requires tax harmonization.

USA PATRIOT ACT RULES DELAYED

Strict new 'due diligence' rules on US private banking are delayed.

The US SEC considers new restrictions on hedge funds.

U.S. TAX CODE MOST COMPLEX IN WORLD

Long overdue for a major revamping, the US tax code is a mess.

CREDIT CARDS THIEVES ONLINE

Thousands of stolen credit card numbers are for sale on the Internet.

I.R.S. UPDATES TAX FRAUD PAGES

Expanded web site pages cover recent fraud cases.

ADVANTAGES OF A LIVING TRUST

Passing on family wealth means careful planning.

OFFSHORE FINANCE GROUP IN DEEP TROUBLE

UK-based Imperial Consolidated and its banking arm are under investigation as offshore firms complain to the UK FSA.

BERMUDA WISHFUL THINKER

The Finance Minister returns from his Washington lobbying hopeful that Congress wont restrict US offshore re-incorporation. Guess again!

THE GIBRALTAR MESS MAKES NO SENSE

An Englishman conjectures on why UK Foreign Office ponces want to abandon a strategic base and 30,000 people for no good reason.

TWO CHEERS FOR COLONIALISM

Conservative Indian scholar Dinesh D'Souza argues that the West immeasurably enriched the lives of the descendants of colonialism.

OFFSHORE FINANCIAL SERVICES DEAD END?

A pessimist views outside pressures, anti-money laundering laws, new regulatory controls and sees a dying offshore regime.

OFFSHORE TRUSTS STILL NEEDED

Here's why offshore asset protection trusts are still a valuable tool in wise family and business estate planning.

NEW U.S. 'BORDER SECURITY' RULES

Think you're going to visit the US? Check he new rules for visas.

CATO HEAD ASSESSES POST 9/11 AMERICA

Edward H. Crane, founder and president of the Cato Institute provides a realistic assessment of the new American police state.

John Fund looks at Cato on its 25th anniversary.

And Pres. Bush praises Milton Friedman.

ANTI-TERRORISM WAR A FAILURE

So says columnist Charlie Reese.

E.U. PLANS TELECOM SURVEILLANCE

European Union snoops plans total spying on you.

WORLD CRIMINAL COURT CURBED

US Rep. Ron Paul (R-Tex) gets Congress to cut off funds for the International Criminal Court treaty.

OFFSHORE CORPORATE TAX BATTLE HEATS UP

WASHINGTON. As another US corporation heads offshore to save taxes, the fight moves to the floor of the US Congress.

U.K.-SPANISH GIBRALTAR DEAL COLLAPSES

Amid Tory criticism and defenses worries, Labour's planned surrender of The Rock is foundering.

JERSEY MAY SELLOUT TO E.U. DEMANDS

ST HELIER, Jersey. The island tax haven may agree to exchange tax information with all EU member state tax collectors. Time to move?

LIECHTENSTEIN HAVEN FOR MARCOS MILLIONS?

A Philippine inquiry hears that US$400 million of the late Ferdinand Marcos' cash may be stashed in the principality.

DUTCH VOTE PUSHES EUROPE RIGHTWARD

AMSTERDAM. Joining a European trend, Dutch voters end the 8 year rule of the country's leftist coalition government.

OFFSHORE ISRAELI RICH TAX TARGETS

Most wealthy Israelis take advantage of foreign tax havens to avoid high taxes. Now Israel's tax collectors are on their trail.

CANADA MONEY LAUNDERING RULES APE U.S.

TORONTO. Learning nothing from disastrous US anti-money laundering laws, Canada trods the same anti-privacy road.

SOLOMAN ISLANDS LATEST TAX HAVEN?

The Solomon Islands government works on a new investment and immigration plan to attract wealthy foreigners and investors.

BANKS FOREX TRADING INVESTIGATION

US Justice Dept. is investigating claims of anti-competitive deals in the huge foreign exchange markets.

HALF BILLION METALS FRAUD

International banks are defrauded of more than $600m using fake documents purporting to show metal trades to secure loans.

WORLD CORRUPTION INDEX

Transparency International publishes latest index of corruption. South African bribes on the rise.

UNITED KINGDOM TAX NEWS

Experts warns of a coming inheritance tax crisis.

Cut UK taxes by going, even moving, offshore.

UK expats must know UK residency rules to avoid tax.

Incorporate for big UK tax savings.

RICH IN RED CHINA

There are now thousands of multimillionaires in China, and the super-rich have reached critical mass.

THE HAWALA CASH TRANSFER SYSTEM

The Muslim world's fast and reliable cash movement system explained.