Offshore News Digest for Week of December 3, 2001

CAYMAN BANKERS EMBRACE I.R.S. SCRUTINY

Got cash in a Cayman Island bank? If privacy is your thing, better move move it. The CI Bankers Assoc. wants you to know they "applaud" the new US-Cayman tax agreement that makes them offshore US tax collectors.

SWISS VOTE AGAINST CAPITAL GAINS TAXES

Smart Swiss voters reject a proposal to impose a capital gains * tax, and again support their citizen army.

SWISS TO ALLOW E.U. CITIZENS RESIDENCE

Under new Swiss-EU agreements, all EU citizens with means will have access to Swiss residency.

SWISS ANNUAL “RICH LIST”

The yearly listing of Switzerland's 300 richest residents.

ITALY OFFERS ALPS AMNESTY

ROME. The Italian government wants to encourage repatriation of offshore funds, most stashed in neighboring Switzerland.

JERSEY TO GIVE INFO TO FRANCE

The Channel Island signs an agreement to give financial information to France for stock fraud investigations.

BELIZE BORDER CLASH AGAIN

This tax and asset havens continues to undermine its credibility with lethal border clashes with neighboring Guatemala.

COLLAPSING ARGENTINA MAY DOLLARIZE

With a run on banks hurling Argentina toward collapse, a near-bankrupt government may adopt the US dollar as the national currency.

WHEN IN ROMANIA

Doug Casey says investment potential in ROMANIA is overlooked and therein lies opportunity.

OECD LAUNCHES ANTI-CORPORATE PLAN

Aimed at jurisdictions that specialize in corporate formation (Panama, British Virgin Islands, Delaware, Nevada), the OECD wants worldwide regulations to control alleged criminal use of business.

U.S. SENATE CONSISTENCY?

Hopefully a precedent, the US Senate votes against giving states authority to create an OECD-like tax cartel to tax transactions outside their borders.

HIGH TAX EUROPE STIFLES GROWTH, JOBS

E.U. bureaucrats themselves admit EU growth is thwarted by member states high taxes, except in low-tax Ireland and Luxembourg.

GREENSPAN HITS E.U. FLAWS

The chairman of the US Federal Reserve underscores anti-competitive restrictions holding back Europe's economies.

EURO MEANS BIG CHANGE

Europe faces major changes on Jan. 1st with the euro launch.

E.U. EXPANDS ANTI-DIRTY CASH RULES

Proceeds of any crime ware targeted by new money laundering rules.

U.K. SUPER AGENCY PROMISES TEETH

LONDON. One big bureaucracy will rule over finances.

IRELAND CHASES TAX EVASION

The P.M. promise to pursue tax evaders; the opposition scoffs.

I.R.S. WANTS WELL-ARMED ACCOUNTANTS

IRS Criminal Investigation unit hires accountants with guns.

R.I.P. GEORGE HARRISON

The “quiet Beatle” who died last week left us his famous song “Taxman” as a pop reminder of grasping government.

NEW LAW MAKES U.S. WORLD COMPUTER POLICE

The US Justice Dept. may try to be world cyber police.

U.S. CUSTOMS DATA BASES TRACKS EVERYTHING

Now touted as an anti-terror system, the US Customs data base and is being used to track Americans movement and business.

FREEDOM EXCHANGED FOR SECURITY?

Commenting on anti-terrorism laws, US Rep. Ron Paul (R-Texas) says Americans must not surrender freedom in a false exchange for security.

ATTACK ON AMERICA: BACKGROUND

Foreign Affairs magazine back articles on terrorism, Islamic radicalism.

CANADA ANTI-TERROR BILL SHREDS LIBERTIES

Rammed through Parliament, Canadian liberties rapidly are being destroyed by the 'Liberal' government steamroller.

U.S.-CAYMAN TAX TREATY MAY HURT HEDGE FUNDS

GRAND CAYMAN. High net worth investors fear the US IRS information exchange deal will end privacy of offshore hedge fund accounts.

BRITISH LABOUR PRAISES CARIBBEAN CAPITULATION

LONDON. On the heels of the Cayman-IRS information exchange accord the UK Foreign Office praises those obedient little colonials.

GIBRALTAR SUSPECTS BRITISH SELLOUT

Residents of The Rock see London’s abandonment of them to Spain and EU demands as an already “done deal”.

BAHAMAS HINTS AT O.E.C.D. TAXES

Senior government official says Nassau wont go along with OECD tax demands -- at least not now.

More on Bahamas Supreme Court overturning anti-tax haven laws.

DOMINICA OFFICIAL CAUGHT IN DIRTY CASH CHARGES

The finance minister is placed on leave for association with a possible money laundering suspect.

GRENADA & DOMINICA HIT BY VISA CRACKDOWN CANADA demands entry visas for nationals of these two Caribbean islands that sell economic citizenship passports to non-nationals.

US/CANADA = FORTRESS NORTH AMERICA

The two nations agree on common limits on foreign visas, asylum.

F.A.T.F. TAKES ON TINY NAURU

YAREN, Nauru. The tiny nation of Nauru (pop. 12000) is the first country to face international “sanctions” over its alleged role in global money laundering; "Pacific paradise" for Russian mafia?

DENMARK TURNS RIGHT

COPENHAGEN. New, conservative prime minister Rasmussen calls on Danes to champion free enterprise and individual rights.

LIECHTENSTEIN-AUSTRIA BANK SECRECY TALKS

The two financial privacy havens are discussing money laundering and banking secrecy issues.

TWO MAJOR IRISH BANKS TO REVEAL OFFSHORE INFO

Allied Irish Bank and the Bank of Ireland say they'll reveal offshore accounts.

E.U. WITHHOLDING TAX TALKS COLLAPSE

The EU plan to tax non-residents' savings deflates as Austria and Luxembourg refuse to compromise their bank secrecy laws unless Monaco, Liechtenstein and Switzerland do the same.

C.F.P. CHARGES E.U. TAX KILLS COMPETITION

The Center for Freedom & Prosperity explains why the EU's proposed W/H tax on foreign investors contravenes free market forces.

BIG FIVE ACCOUNTANTS UNBELIEVABLE

The Enron bankruptcy again lays bare the Big Five accounting firms flaws and conflicts as investor confidence is badly bruised.

EUROPEAN IMMIGRATION STUDY

Everything you need to know about current European immigration trends, past history, new policies.

CANADA WARNED OVER LIBERTY LOSS

TORONTO. A senior judge says Canadians must be vigilant.

Check out the new International Society for Individual Liberty.

E.U.’s BROAD TERROR DEFINITION

BRUSSELS. Lawyers denounce overly broad EU definition of terrorism.

E.U. PUSHES RADICAL ANTI-TERROR LAWS

Is the European Union becoming a police state?

OXYMORON: GOVERNMENT PRIVACY

The Cato Institute explains how the US government does not protect your privacy.