Offshore News Digest for Week of December 24, 2001

LIECHTENSTEIN IS NOT WHAT IT USED TO BE

Prince Hans-Adam II welcomes an end to financial secrecy in this former citadel of privacy. And he demands more political power - or he will leave. A must read as the prince negotiates with parliament.

SWISS POLITICIANS PUSH UNITED NATIONS MEMBERSHIP

The Swiss electorate in 1986 overwhelmingly rejected UN membership by a 3-1 majority. Now politicians again want to join the UN, and a poll says a majority might say 'yes' this time around.

EURO MAKES LATVIA POPULAR MONEY CHANGER

RIGA. Absence of any cash reporting laws makes this a popular place to change (and wash) currencies into the new EU euro.

A CHANNEL ISLAND EMBARRASSED BY ITS HISTORY

GUERNSEY now wants to obliterate its reputation as a tax haven.

IRELAND THREATENS E.U.

Taoiseach Bertie AHERN warns the EU to forget “tax harmonization” for at least 20 years. Ireland is doing fine without it.

ANOTHER MAJOR U.S. COMPANY BERMUDA BOUND

The New York based Ingersoll-Rand Co., a leading industrial firm, moves to Bermuda to save on corporate taxes.

BELIZE TO END ECONOMIC CITIZENSHIP PROGRAM

BELIZE CITY. One of the few remaining second citizenship programs in the world, that of Belize, is about to end. The Embassy of Belize in Washington confirmed to us that the Cabinet recently voted to end the program at a date not yet set. A reform commission urged the change. The qualified residency program (QRP) for foreigners remains in place.

DOMINICA SCANDAL, VISA TROUBLES CONTINUE

ROSEAU. The finance minister is caught up in a money laundering mess and Canada will not accept the nation’s economic passports.

NEVIS BUDGET SQUEEZE

CHARLES TOWN. This tiny Caribbean offshore financial services center, also with an economic citizenship program, is in debt 100 million Eastern Caribbean dollars (US$37 million).

PANAMA CANAL MODERNIZATION

In spite of the nation’s shaky national finances, the government moves ahead with the essential modernization of the Panama Canal.

ANTI-TERRORISM AND THE OFFSHORE WORLD

PANAMA CITY. Veteran offshore specialist Derek SAMBROOK provides the historic perspective and predicts the future after 9-11.

ARGENTINE CHAOS

BUENOS AIRES. The government falls amid rioting in the streets.

THAILAND FOR EXPATS

BANGKOK. A veteran travel writer explains that Thailand really is a mood, with much to offer new residents from other lands.

U.K. “SANCTIONS” NAURU

LONDON. The British government warns one and all to 'watch out' when dealing with any of Nauru's notorious 400+ shell banks.

BRITISH GOVERNMENT PRESSURES COLONIES

LONDON. Tony BLAIR's Foreign Office keeps on forcing UK overseas territories to end their role as offshore financial havens.

LUXEMBOURG PROBE HITS PRIVATE BANK

Respected PICTET et fils, a leading private bank, is forced to halt dealings in three of its Luxembourg investment funds.

AMERICAN BANKS AS F.B.I. SPIES

The Cato Institute exposes the government's blatant attack on US financial privacy, and details the costs in both freedom and cash.

THE GLOBAL MELTDOWN

CNN/Money’s review of the year that was.

A CENTURY OF STOCKS

A chart showing 100 years of stock market swings. (pdf download)

BUSH ANTI-TERROR LAW PRODUCES LEGAL CHAOS

The rushed-through-Congress, 342 page PATRIOT Act causes a major mess in and out of government. What does it all mean?

“This massive suspension of civil liberties...will likely set precedents that will come back to haunt us terribly.”

THE NEW SURVEILLANCE SOCIETY

You will be watched, listened in on, tracked and recorded.

CANADA, AUSTRALIA CURB BASIC FREEDOMS

The Aussie government now will read your e-mail; Canada officially becomes a semi-police state.