Offshore News Digest for Week of June 10, 2002

WHY NOT CONSIDER ANDORRA?

We rarely find Web articles about one of the smallest and best tax havens in the world, ANDORRA. Here's what living there can be like.

RUSSIANS FLEE EX-HAVEN CYPRUS

It used to be the Russians' favorite tax haven, but joining the EU ended the island's tax free status for 52,00 IBCs registered there.

GIBRALTAR ANSWERS BRITISH GOVERNMENT SMEAR

Chief Minister Caruana calls UK money laundering charges "A pathetic and crude attempt to smear Gibraltar for political purposes."

SWISS, ITALIANS FREEZE BANK ACCOUNTS

50 arrests; 150 under investigation; €3 million seized.

SECRET MONACO MEETING

A secret counter-terror cash meeting in Monaco last Friday of 78 countries and groups confirmed Arab Gulf states are the terror banking source, not traditional tax havens and offshore financial centers.

SWISS PRAISED BY U.S.

BERN. A top US Treasury official praises Swiss for cooperation in tracing terrorist funds.

NAURU HIT AGAIN AS DIRTY CASH HAVEN

The Pacific island nation is charged with laundering and hiding alleged terrorist funds; Australian government inaction questioned.

NIUE ENDS OFFSHORE BANKING LAWS

Laws are repealed in effort to get off FATF dirty cash blacklist.

AUSTRIA OPPOSES E.U. PRESIDENCY PLAN

BRUSSELS. Proposals by Britain, France and Spain to create a powerful new European Union president are an attempt by the big countries to control Europe, says the Austrian foreign minister.

MORE ABOUT THE E.U. TAX CARTEL

Pres. Bush should tell EU tax collectors to keep their greedy hands off income earned within the United States.

BUSH PLAN BACKS OFFSHORE CORPORATE CURBS

And calls for more foreign corporate taxes, but hearing breaks up in a bitter partisan dispute. Look for a new (bad) law soon.

WHY GOLD?

Conditions make gold attractive; possible inflation, terrorist threats. History shows gold has served as the basic money of all peoples.

GOLD AND THE DOLLAR

US Rep. Ron Paul (R-Tex) explains why current world economic and political conditions cause less trust in the dollar's value.

U.S. HOUSE PASSES DEATH TAX REPEAL

The House votes to make permanent a repeal of the estate tax.

Grave Robbers: Moral Case against the Death Tax. The Cato Institute.

USA PATRIOT ACT ANTI-MONEY LAUNDERING RULES

A detailed legal explanation of new USA Patriot Act rules that affect almost every US business.

HOW U.S. IS DESTROYING FINANCIAL PRIVACY

WASHINGTON. An inside look at how US banks & financial institutions are cooperating to end all financial privacy; a hot line to FinCEN on a real time basis; using the 'terror excuse' as justification.

U.S. 'SECURITY' MOVES CALLED POLICE STATE

Civil liberties leaders claim Bush leads toward a 'police state.'

U.S. 'WELCOME' INCLUDES FINGER PRINTING

US plans to fingerprint visas' holders upon entry cause outrage.

ANTI-TERROR RUSH HURTS WORLD ECONOMY

Terrorism and reaction against it slows globalization and the damage to the world economy could be long lasting.

HONG KONG ANTI-TERROR BILL THREATENS LIBERTY

The territory chief executive may get unilateral power to brand people as terrorists and freeze their assets.

SWISS VOTE ON SURPLUS GOLD

ZURICH. Campaign over how to use surplus National Bank gold begins.

HAPSBURG LEGACY LIVES ON

AARGAU, Switzerland. The place that gave Europe's once most powerful imperial dynasty its name.

SWISS MILITIA TO MODERNIZE

The militia army is to be slimmed down and made more professional.

SWISS BANKS ANSWER HOLOCAUST CHARGES

Swiss Bankers' Association denies claims they were uncooperative in returning assets seized by the Nazis during the Holocaust.

PRIVATE BANKING TRENDS WORLDWIDE

Private banking trends and practices in Germany, Spain, Japan, Korea.

A fundamental shift in scope of offshore banking in the Caribbean.

OFFSHORE INVESTING

An S&P special report on offshore investing; 9500 funds in 25 nations.

INVESTING IN THE GLOBAL MARKETPLACE

Advice on navigating the tricky waters of offshore investing.

Offshore Funds Swamp Local British Investments.

A Wealth of Choice for Europeans

High Fees, Taxes Discourage US Offshore Investors.

NERVOUS EUROPE MOVES TO THE RIGHT

EU meddling, big government, high taxes, rising immigration, terrorism; Europeans are voting for conservatives. France is the latest example.

SWISS BANKS, O.E.C.D. TALKING

"Correcting misunderstandings" about Swiss bank secrecy.

And the Swiss are angry about a US judge's blunt remarks.

LUXEMBOURG GETS GOOD S&P RATINGS

Standard & Poor's gives Luxembourg's banks a clean bill of health.

GIBRALTAR MAY BE SAFE FOR NOW

Rock residents pleased as UK-Spanish negotiations grind to a halt.

The Last Colony.

ISLE OF MAN MAY EMBRACE E.U. DEMANDS

DOUGLAS, I.O.M. Official hints island will go along with information exchange as London demands, but only if everyone else does.

Raising JERSEY taxes raises much vocal opposition.

BELIZE TELLS WASHINGTON 'NO!'

BELMOPAN. Tiny Caribbean tax haven says it wants no part of US anti-Castro radio station run by Radio Marti.

F.A.T.F. BLACKLIST REVISION NEARS

PARIS. The OECD bureaucrats are about to announce a revised blacklist of nations they allege are lax on money laundering.

Here's the current FATF blacklist, including 5 nominal tax havens.

MARC RICH, RUSSIAN MAFIA, MAJOR MONEY LAUNDERING?

Tuesday we reported Swiss and Italian police had made 50 arrests, had arrest warrants for 150 more and had frozen 300 bank accounts, all based on an alleged money laundering network run by the Russian mafia.

This investigation led to 20 arrests in Italy, 13 in France, and 17 others in Austria, Switzerland, Monte Carlo, and Canada.

Turns out that two corporations set up by Clinton-pardoned tax evader MARC RICH, may be involved in these dirty cash operations.

In Moscow PRAVDA alleged the Russian mafia operation also financed Chechen guerrillas and was in touch with the Al-Qaida terror network.

Oddly enough, the BANK OF NEW YORK is alleged to have been used by the Russian mafia operation. But the US government just cleared the bank of past alleged involvement in just such operations.

Bank of NY sanctions end.

NEWSWEEK WAKES UP TO BANK SPYING

The magazine reports what we told you two years ago: Banks are now spying on all account holders with real time software.

FINE ART OF SALES TAX EVASION

New York wealthy quaking in Gucci boots as they seek amnesty.