Offshore News Digest for Week of January 21, 2002

TAX HAVENS NOT DIRTY CASH HAVENS

A new study uses US State Dept., CIA, IRS and FATF findings to show that tax havens are not any more likely to be money laundering centers than are other countries.

The study was authored by the Center for Freedom and Prosperity, busy lobbying the US Congress and government on many issues.

RUSSIA EYES PANAMA AS LATIN PARTNER

PANAMA CITY. Visiting Russian officials see Panama as a key partner in a renewed diplomatic and trade push into Latin America. Last year Panama advised Russia on new anti-money laundering measures.

BERMUDA INSURERS LLOYDS' MAJOR COMPETITION

The tax haven gives the ancient London firm stiff competition.

FT Survey of THE BAHAMAS

CYPRUS SERVED AS BIN LADEN CASH HAVEN

Desperate to shed its tax haven history to get European Union status, CYPRUS is exposed as a former terrorist offshore banking center.

GIBRALTAR REJECTS ANY 'DONE DEAL'

The government here says a Spanish-UK plan for The Rock is 'a total betrayal of our right to self-determination'.

LIECHTENSTEIN SAYS NO ANONYMOUS BANK ACCOUNTS

The government contends 98% of all bank account owners now have been identified and the other 2% frozen until owners are known.

COURT ORDERS REPATRIATION OF OFFSHORE FUNDS

A US District Court orders operators of an allegedly illegal pyramid scheme to return millions of dollars held in offshore accounts.

I.R.S. TO RESTART "AUDITS FROM HELL"

Internal Revenue wants to do thousands of random audits to measure overall tax compliance. But can the IRS be trusted?

The Untrustworthy IRS

HEDGE FUND ADVERTS

A 60-year SEC ban on hedge fund adverts in the US may soon end.

FRENCH BANKS NIX ISRAELI CHECKS

PARIS. Caught in a police money laundering investigation, major French banks refuse to accept any checks from Israel for clearing.

BAHRAIN BANKS BOAST US$100 BILLION ASSETS

MANAMA. In this mideast hub of Arab finance, more than 100 banks now hold over $100 billion in assets.

MUGABE MONEY TRAIL SEARCHED

BLANTYRE, Malawi. US & UK investigate millions in offshore accounts salted away by ZIMBABWE dictator Robert MUGABE.

ANTI-TERRORISM CURBS HUMAN RIGHTS

As we reported on Tuesday, governments worldwide are using the US-led campaign against terrorism to revoke civil liberties.

F.B.I. FAKES TERRORISM STATISTICS

FBI & US Justice Dept. exposed as routinely inflating alleged 'terrorist' crime statistics to bolster their budget demands.

FREEDOM FIGHTERS

Electronic Frontier Foundation fights for civil rights in the face of the all out US anti-terrorist campaign.

THE STATE OF U.S. CIVIL FORFEITURE LAWS

Government taking of property on flimsy excuses has not changed because of so-called 'reforms.' Here's the true picture.

SWISS BANKERS STAND FIRM ON SECRECY

A leading Swiss banker charges US 'policy of power' pressure on offshore banks causes unneeded major problems.

The Swiss economics minister defends bank secrecy as moral.

U.K. FOREIGN OFFICE 'REASSURES' GIBRALTAR

After kicking the colonial residents in the teeth, Whitehall smiles.

CANADIAN LOONIE LOW

The Canadian dollar falls to a lifetime low against its US counterpart, reflecting the fading popularity of Canadian financial assets.

U.S. CITIZENSHIP APPLICATIONS WAY UP

After Sept. 11 attacks, US citizenship applications surge.

ST. VINCENT CLEAN CASH LAWS

St. Vincent & the Grenadines keeps trying to get off the FATF blacklist.

C.F.P. BATTLES AGAINST I.R.S. PROPOSAL

The Center for Freedom and Prosperity pushes the IRS to abandon its proposal to report bank deposit interest paid to nonresident aliens.

MORE U.S. TAXPAYERS DEFY I.R.S.

1 in 4 taxpayers say they might cheat on taxes; 5% say they cheat.

NEW U.S. TAX LAW CHANGES TAKE EFFECT

The devilish details of new 2002 tax cuts and changes.

PLAN AHEAD; see Vern JACOBS Pre-Meditated Tax Avoidance

CENTRAL AMERICAN TRADE ZONE

A US free trade agreement could transform Central America.

U.K. CLIENTS HAVE A RIGHT TO KNOW

Banks, law firms and accountants must disclose internal reports of money laundering suspicions to clients on request.

FRENCH BANKERS CLAIM INNOCENCE

Paris police arrest banks officials in money laundering probe.

OFFSHORE BANK SCRUTINY GROWS

LONDON. International banks are coming under increasing scrutiny following two dramatic collapses, Argentina's economy and Enron.

S.E.C. 10-K FORMS EXPOSE ENRON, TRUE VALUES

Savvy investors can learn plenty about corporate finances if they just know where to look; try the SEC's public 10-K and 10-Q Forms.

How 10-K SEC reports might have exposed Enron's true condition.

U.S. C.I.A NOW SPIES ON AMERICANS AT HOME

The CIA Charter says it can't, but now the world spooks are spying on citizens and people within the United States.

PATRIOT ACT; BUREAUCRATS DREAM

The USA Patriot Act's "anti-terrorism" provisions come under intense fire from civil liberties groups.