Offshore News Digest for Week of July 15, 2002

LIECHTENSTEIN SIGNS M.L.A.T. WITH UNITED STATES

VADUZ. A new mutual legal assistance treaty covers 'tax fraud', but claims not to include 'foreign tax evasion'. (????)

ISLE OF MAN PROMOTES ITSELF WORLDWIDE

DOUGLAS. Corporate tax cuts, tax free zone, new openness.

OFFSHORE CAPITAL STAYS AWAY FROM RUSSIA

MOSCOW. Business elites say they are in no hurry to repatriate billions in offshore capital as demanded by President Putin.

U.S. FOREIGN VISITORS CAN BE SERVED WITH SUMMONS

NEW YORK. US Court of Appeals says a French national served with civil discovery subpoena during NY visit must answer.

CANADA BUCKS THE ANTI-IMMIGRATION TREND

TORONTO. One of the richest nations welcomes skilled immigrants.

But Canada's high taxes keeps foreign investment away.

CAYMAN ISLANDS WAKES UP TO INFO EXCHANGE DANGER

GEORGE TOWN. Having signed a wide open tax information exchange agreement with the US, Cayman Islanders suddenly get cold feet on UK Foreign Office demands they agree to the EU savings tax directive.

GIBRALTAR WEEK IN THE NEWS

This was the 'week that was' for The Rock, with UK and Spanish deal makers failing to agree, although the UK Labour government says eventually it is willing to share joint sovereignty with Spain.

Gibraltar residents demonstrated against the UK-Spanish deal.

UK Conservatives says they would annul any such deal.

Under EU/UK pressure Gibraltar will end special tax exemption for offshore corporations, but new zero tax plans apply to all companies.

Spain brings back gunboat diplomacy in the Straits of Gibraltar.

Low-Tax Net Gibraltar special news page.

A BAD IMAGE WEEK FOR SWITZERLAND

ZURICH: Swiss journalists worry about its tarnished world image.

Swiss ambassador to Luxembourg arrested for money laundering.

UBS reprimanded over dirty cash of Nigerian dictator Abacha.

EU claims only Swiss can save its pernicious 'savings tax directive.'

THE VIEW FROM BERMUDA

HAMILTON. The former head of the Bermuda Stock Exchange examines the perverse American trend against offshore US corporate inversions.

CONGRESS LIMITS EXPAT COMPANY CONTRACTS

US House panel cuts contracts for offshore corporations.

HOUSE REPUBLICANS PROPOSE OFFSHORE TAX CHANGES

WASHINGTON: An unlikely revolution in corporate tax laws is offered by the Ways & Means chairman; prospects clouded.

U.S. LABOR UNIONS JOIN ANTI-OFFSHORE ATTACK

Unions demand crack down on companies reincorporating offshore.

WHICH CITY COSTS MORE?

Last week The Economist picked Tokyo as the most expensive city in the world. This week Hong Kong claims the honor.

US REP. RON PAUL ANSWERS THE QUESTION 'HAS CAPITALISM FAILED?'

THE HERITAGE FOUNDATION: ACCOUNTING SCANDALS

AN IRISH VIEW OF THE F.A.T.F. BLACKLIST

DUBLIN: Enmeshed in its own offshore tax evasion scandal with the Ansbacher Caymans Bank, here's an Irish review of other potential offshore places to stash your tax evading cash.

IRISH STEP UP HUNT FOR OFFSHORE TAX EVASION

DUBLIN. Accounts in the Isle of Man, the Channel Islands, Liechtenstein and Cayman Islands are special targets.

Irish tax collectors claim they have found new secret tax havens.

Names of Irish alleged offshore tax evaders.

BAHAMAS 5-YEAR PLAN TO BOOST OFFSHORE FINANCE

NASSAU. Trying to boost a damaged offshore sector.

GIBRALTAR BANK BICKERING

Internal politics makes fewer bank licenses an issue.

MORE PROOF 9/11 TERRORISTS DID NOT USE OFFSHORE BANKS

Airplane hijackers opened 35 domestic US bank accounts, many using fake US Social Security numbers never checked by the banks.

Scotland Yard admits terrorists used British bank accounts.

British banks in belated anti-money laundering frenzy; 40 million accounts to be reviewed for dirty cash, terrorism.

WEALTHY AMERICANS LEAVING U.S.

Data shows record numbers of rich exiting US.

I.R.S. LATEST OUTRAGE

IRS latest outrage shows need to rein in bureaucrats, simplify tax code.

IRS revealing GOP candidate Simon's offshore tax shelter is a hot issue in race for California governor.

IRS RAIDS ALLEGED OFFSHORE TAX FRAUDSTERS.

IRS agents raid Colorado private home of couple accused of advising tax evasion using offshore banks and trusts.

CANADIAN COURT RULES AGAINST I.R.S.

VANCOUVER. British Columbia Supreme Court denies IRS access to files seizes during a raid on offshore author, Jerome Scheider.

EUROPE'S WAR ON THE U.S. ECONOMY

Dan MITCHELL explains how the EU is waging war on the US economy, American business and taxpayers.

ONE EURO = $ ONE +

The surging euro passes the falling dollar in perceived value.

TENNIS STAR ACCUSED OF OFFSHORE TAX EVASION

German tax officials charge Boris Becker owes 12 million euros.

U.S. CIVIL LIBERTIES VICTIM OF ANTI-TERROR REACTION

Government, police use attacks to justify huge power grab.

U.S. WANTS NEIGHBORHOOD SPIES, INFORMANTS

Bush plan wants citizens to spy, rat on each other.

FBI TO SPY ON CITIZEN FINANCIAL TRANSACTIONS

Agents will use SS numbers, commercial data bases to review buying habits, preferences, personal traits, income, spending.

COURT ALLOWS SECRET DETENTION

Names of detainees, dates detained and reasons for detention are all kept secret by US INS.

BUSH BACKS DOWN ON WORLD CRIMINAL COURT

United States drops demand for war court immunity.

Shredding the Constitution: Against the World Criminal Court

REPORT: SAUDI HOT CASH FLOODS LIECHTENSTEIN

Is the House of Saud on its last legs? Large Saudi sums are being transferred through secret Liechtenstein trusts. European banks, wary of cash from 'politically exposed persons', don't want their money.

JERSEY READY TO APPEASE O.E.C.D. & E.U.?

ST. HELIER. Channel Island leader says Jersey must be open to change and compromise with the OECD and the European Union.

Island problem: 3 major offshore banks cutting Jersey jobs.

DEMAND GIBRALTAR VOTE NOW

Deal between UK and Spain is put off, but residents want to vote now.

SWISS ANSWERS FINANCIAL TIMES EDITORIAL

Newspaper rapped for FT criticism of Swiss bank secrecy.

Swiss ambassador admits he lied about suspect cash origins.

U.S. - BELIZE ANTI-CRIME TREATY SENT TO SENATE

Mutual legal assistance treaty signed in 2000 up for approval.

More about the tax haven nation of BELIZE.

LETTER FROM PANAMA

Derek SAMBROOK gives his monthly view from the crossroads of the world.

The Panama News reports on the Marc Harris organization.

EASTERN CARIBBEAN UNION PROGRESSES

Antigua, Dominica, Grenada, Montserrat, St.Kitts & Nevis, St.Lucia and St. Vincent & the Grenadines form an economic union.

OFFSHORE TAX SHELTER IS POLITICAL ISSUE

California governor candidate defends against illegal IRS smear.

25 MILLION AMERICANS MAY HOLD DUAL CITIZENSHIP

US foreign born residents number 31.1 million; most can hold US citizenship and in their home countries as well, if they wish.

WASHINGTON LOBBYING NEEDED FROM YOU

The Center for Freedom and Prosperity issues a Special Alert asking that you contact ASAP your Congressman and Senators to oppose the European Union savings tax directive. EU bureaucrats are pressuring Washington to capitulate within the next week. ACT NOW!

For Background information, click here.

To write your US Representative, click here.

BUSH SHOULD REJECT E.U. SAVINGS TAX DIRECTIVE

Dan Mitchell explains why Bush administration must say 'no.'

GLOBAL TAX MISERY INDEX

Forbes magazine gives you nation by nation comparisons.

STRICT U.S. RULES ON NEW BANK ACCOUNTS

Newly proposed US Treasury rules will require all financial institutions to investigate and verify new bank accounts applicants.

US Treasury statement on proposed bank account rules:

HOUSE REPUBLICAN TAX BILL UNDER ATTACK

Anti-offshore provisions suspend Bermuda loophole. EU complains.

UPROAR OVER BUSH INFORMANT-SPIES

WASHINGTON: The Terrorism Information & Prevention System, Operation TIPS, mirrors Castro's Cuba or the old Soviet Union.

More on this story here, here, and here.

BUSH PLANS NATIONAL I.D. USING DRIVERS LICENSES

Pres. Bush said last year he was not considering any sort of national identification card; now he wants one through the back door.

ANTI-HACKER BILL ALLOWS WARRANTLESS WIRETAPS

US House approves life sentences for computer system hackers.

CHECK OUT THIS PRIVACY WEB SITE

The Electronic Privacy Information Center.