Offshore News Digest for Week of November 5, 2001

OPINIONS ON RECENT ANTI-SECRECY LAWS

David HARDESTY's excellent, detailed explanation of the new USA Patriot law and its likely impact on offshore banking and financial secrecy.

A convicted money laundering lawyer says the new anti-terrorist cash law won't work; Prudential Financial's head of corporate anti-money laundering compliance says the new law won't stop international terrorism, but it will "scare the hell out of tax evaders."

Barry SPITZ explains why he thinks new anti-secrecy restrictions will change private banking emphasis from secrecy to investment.

John PUGSLEY, comments on the nature of the world 'anti-terror war' and its sad implications.

NO SURPRISE: BAHAMAS I.B.C. REVENUE DRASTIC DROP

After enacting laws that all but destroyed these islands as an offshore financial haven, Nassau has lost millions in IBC incorporation revenues.

ANOTHER OFFSHORE FRAUD

PROVIDENCIALES, Turks & Caicos Islands. A Canadian father and son face charges of a multi-million dollar offshore swindle.

E.U. RULING COULD KILL GIBRALTAR HAVEN

The European Union may try to force Gibraltar to end its offshore haven status and force the government into bankruptcy. Does London care?

IRISH OFFSHORE ACCOUNTS UPROAR

DUBLIN. Numerous tax evasion investigations continue the chase after Irish owned offshore accounts and possible tax evasion.

SECOND RESIDENCE: SWISS OR CAMPIONE

Chris KALIN explains the benefits of residency in Switzerland and/or Campione d'Italia.

SWISS SECRECY STAYS

The Swiss economy minister suggests a withholding tax on foreigners' earned interest is better than violating financial privacy.

N.Y. DAILY NEWS TOTALLY WRONG ON SWISS BANKING

We share with you an editorial from Monday’s NY Daily News which, for its sheer ignorance and misstatement of facts, cannot be topped.

JAPANESE COMPANIES SAVE TAXES USING FOREIGN TAX HAVENS

TOKYO. Major Japanese companies avoided 10.4 billion yen in corporate income taxes last by using affiliates set up in foreign tax havens.

STOCK BROKER, SECURITIES FIRMS CRACK DOWN

US securities firms have almost no anti-money laundering controls; that is about to hange drastically. Customers now will be subjected to extensive personal background and financial checks.

HON. RON PAUL CONDEMNS “FIAT MONEY”

WASHINGTON. The congressman from Texas explains one of the root causes of the current recession and what should be done about it.

U.K. LAWYERS FACE JAIL

British legal practitioners face up to five years in jail if they don't report to police suspected illegal transactions by clients.

DIAMONDS FOR DEATH

OSAMA BIN LADEN's terror network has reaped millions of dollars in the past three years from the illicit sale of diamonds.

FINANCIAL ACTION TASK FORCE

Addressing the new FATF guidelines adopted last week in an emergency meeting, Daniel MITCHELL of the Heritage Foundation asks: "Is this going to work, or are we simply putting a heavy burden on the financial service industry and undermining law abiding people's privacy?"

The Financial Times thinks strict privacy-detroying "know your customer" policies are the answer to terrorist cash.

The Channel island of JERSEY speeds its anti-terror cash campaign.

ISRAEL is on FATF’s dirty money blacklist but some there think new anti-terror cash rules will help the fight against all terrorism.

RUSSIAN Pres. PUTIN signs a new law creating the nation's agency to counter dirty cash and get off the FATF blacklist.

Almost two months after the Sept. 11 mass murders, the SAUDI ARABIAN government finally gets around to blocking terrorist cash.

And the US government adds all major terror groups to its dirty cash hit list.

BIG BROTHER IS WATCHING YOU

A chilling, new Cato Institute report: Systematic Federal Surveillance of Americans.

ONLINE PRIVACY PRIMER

PC Magazine’s current series of articles on computer and online privacy.

Of special interest, "9 Steps to Privacy."

FACE RECOGNITION

Civil liberties groups denounce new face recognition scanners as ineffective and needlessly intrusive.

CUSTOMS MAIL SEARCH

A pending US Congress ill, H.R. 3129,(Sec 144) would let US Customs agents search outbound mail for unreported monetary instruments.

U.S. VISA FREE TRAVEL MAY BE RESTRICTED

Visa free travel from 29 nations to the US may be eliminated.

STEALTH LAW MAY ALLOW U.S. ID CARDS

The new anti-terror law provision may lead to a national ID card.

SECRET U.S. COURT GETS NEW POWERS

Secret meetings, secret decisions, secret searches.