Wealth International, Limited

Offshore News Digest for Week of November 26, 2001


U.S. RULES ON OFFSHORE CORRESPONDENT BANKS

The US Treasury issues interim guidance on offshore "shell banks" under the "USA PATRIOT" Act (Pub. Law No 107-56).

More on this story here and here.

GIBRALTAR CARRIES ON

In spite of threats from SPAIN and signs LONDON may sell out this UK colony, GIBRALTAR continues as a major offshore wealth haven.

More on this story here and here.

LUXEMBOURG DOING WELL

Business prospers here even though future secrecy is in doubt.

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LATVIAN TAX CUTS

RIGA. To attract offshore business, business taxes cut to the bone.

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CHANNEL ISLANDS

GUERNSEY’s unusual history and continued success,

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JERSEY’s offshore sector under outside pressure, still grows.

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CARIBBEAN NEWS

ST. VINCENT BANKER FLEES

KINGSTOWN. The director of two St. Vincent offshore banks wanted on US charges of money laundering disappears.

More on this story here and here.

ST. LUCIA OFFSHORE BANK LAUNCHED

Bank Croizer International, this island's first offshore bank.

More on this story here.

All about St. Lucia,

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BAHAMAS KNOCKS O.E.C.D. PRESSURE

NASSAU. The government denies it will give in to OECD high tax demands and here's why.

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Bahamas Stock Exchange desperately searches for business.

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The IMF and World Bank offer Caribbean nations anti-money laundering advice and assistance.

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SOUTH KOREA PLANS OFFSHORE HAVEN

It claims it will be another Hong Kong, with tax breaks.

More on this story here.

AUSTRALIA WANTS MORE PEOPLE

But no more immigration. How does that work?

More on this story here and here.

CANADA CONFUSION

VANCOUVER. Court upholds lawyer-client privilege.

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While the nosey government routinely reads Canadians' mail.

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SOUTH AFRICAN BIG MAC INDEX

Thanks to the rand's slide, South Africa has the dubious honor of being the only country where a hamburger costs less than US$1.

More on this story here and here.

GOLD ON THE WAY UP?

Having called the top of the gold market 22 years ago, a gold bug thinks he has found the bottom.

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THE FAMILY THAT INVESTS TOGETHER...

More US families are pooling assets, investments and management.

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POST 9-11 ASSET ALLOCATION

After US terror attacks, here's how to allocate your assets.

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BLAIR LIKES EURO, U.K. DOES NOT

LONDON. Labour’s PM pushes the euro over sterling, but when?

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But the majority of Brits are opposed to surrendering the pound.

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U.S. ESTATE TAX CHANGES UPSET SWISS

It may threaten Switzerland’s banking secrecy and could mean trouble for Swiss banks with wealthy clients.

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U.S. HITS TAX EVASION

IRS lawyer convicted of tax evasion, tax advisors arrested in tax scams.

More on this story here and here.

OFFSHORE PRICING SAVES U.S. BUSINESS TAXES

$45 billion last year saved with offshore affiliates.

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ITALY FOREIGN TAX BREAK

ROME. No withholding taxes on foreign investors government bonds.

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FRANCE BACKS TOBIN TAX

PARIS. Parliament wants a 1% tax on all foreign exchange transactions.

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ANTI-TERROR LAW IMPACTS BUSINESS

Privacy issues for companies, workers, customers.

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ECHELON’S ORBITING BIG BROTHER

Earth orbiting listening posts are on active duty in the war on terrorism and they could be watching you too.

More on this story here.

F.B.I. SECRETLY HACKS COMPUTERS

FBI software will secretly be installed over the Internet as a trojan horse to record every keystroke on your computer.

More on this story here and here.

BAHAMAS HIGH COURT NIXES ASSET FREEZE LAW

NASSAU. In a stunning blow to the government, the Bahamas Supreme Court ruled a new asset forfeiture law unconstitutional. Observers say this calls into question a series of laws that have impaired the islands status as a tax haven. The decision comes as The Bahamas suffers a major recession, much of it due to a crippled offshore sector.

More on this story here and here.

ST. VINCENT PLAYS CATCH UP

KINGSTOWN. Embroiled in an offshore banking scandal, this FATF blacklisted nation passes a new anti-money laundering law.

More on this story here and here.

NEVIS EASES FINANCIAL SECRECY

CHARLESTOWN, Nevis. The island assembly eases secrecy on bank and IBC beneficial ownership.

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PANAMA RAILWAY OPENS

Panama's transcontinental railroad opens for cargo business, putting the Atlantic and Pacific Oceans little more than an hour apart.

More on this story here.

SWISS DECRY 'BAD RAP' ON DIRTY CASH

Fact 1: Switzerland enforces some of the world's toughest anti-money laundering laws. Fact 2: It has a bad image as a dirty cash haven.

More on this story here and here.

GIBRALTAR JOINT SOVEREIGNTY DEAL

Britain says it wont surrender The Rock to Spain, but it may share.

More on this story here and here.

GERMANY, FRANCE WANT E.U. SUPER STATE

French and German leaders want a European super state with EU wide police, military, courts, customs, criminal laws.

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POST 9-11 IT'S A NEW WORLD OUT THERE

A new international order may not have emerged after Sept. 11, but the outlines of a new world are emerging.

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U.S. BANK SPY SYSTEM QUESTIONED

WASHINGTON. Civil liberties and privacy concerns raised about a possible government-banks data spy system.

More on this story here and here.

BANKS SPY ON ACCOUNTS WITH SOFTWARE

Bank account holders are constantly spied upon by bank software.

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'TAX HARMONY' DRIVE HURTS U.S.A.

Heritage Foundation's Dan MITCHELL explains why the OECD's 'tax harmonization' drive threatens the US economy.

More on this story here and here.

MERRILL LYNCH BAILS OUT OF SOUTH AFRICA

JOHANNESBURG. A major financial firm ends private banking.

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COMMUNIST CUBA OFFERS COMPENSATION

HAVANA. Cuba offers to compensate 6,000 U.S. firms and citizens whose property was nationalized, for a price.

More on this story here.

INTERNATIONAL BANKRUPTCY

Should nations be allowed to file for bankruptcy? IMF says Yes!

More on this story here and here.

ANTI-MONEY LAUNDERING FOLLIES

Fighting dirty cash gets headlines but few victories.

More on this story here.

U.S. SEXUAL SUPER POWER

The US is the sexual super power of the world. Greeks second.

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THIS IS AMERICA?

Harry BROWNE, former US presidential candidate, asks what's happening to America.

More on this story here.

U.S. NOW SPYING ON INTERNET USERS

Police already are using new anti-terrorism powers to monitor cable modem users without obtaining a search warrant.

More on this story here.

SOFTWARE MAY HELP FEDS SPY

A leading US software maker is accused of helping feds snoop.

More on this story here and here.

CANADA RAMS THROUGH POLICE STATE

OTTAWA. Canadian government smothers debate on terror bill.

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BRITISH LABOUR WARS ON FREEDOM

LONDON. Tony Blair’s first war casualty is freedom.

More on this story here and here.
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