Offshore News Digest for Week of April 22, 2002

AT LAST: TRUTH ABOUT O.E.C.D. BLACKLISTING

Finally, an accurate news report exposing the meaningless 'commitment' letters signed by offshore havens that got off the blacklist.

THE BLACKLISTED SEVEN

A profile of the seven nations that refused to surrender sovereignty to the OECD, getting them star billing on its latest phony blacklist.

OECD Lifts Veil on 31 Tax Havens.

It's Not Easy Being Liechtenstein.

INSATIABLE O.E.C.D. THREATENS SWISS, LUXEMBOURG

Both nations have refused to compromise on their financial privacy laws, so now OECD bureaucrats are planning to propose sanctions.

SWISS-E.U. NEGOTIATIONS AT DEAD END

BRUSSELS. Refusing to compromise their bank secrecy, Swiss and European Union negotiators are deadlocked.

BERMUDA SLAMS U.S. POLITICIANS

HAMILTON. Business leader condemns bad US laws and lawmakers.

AMERICAN CHUTZPAH

US Treasury Sec. O'Neill claims meaningless OECD tax info sharing commitments from offshore havens resulted from US policy.

JERSEY ANSWERS BRITISH THREAT

Channel Island tells London it will not be bullied by threats to change its offshore friendly laws unless major nations do the same.

Ignoring the historic Crown dependency's constitutional status, London may try to tax Channel Island corporations over EU tax issue.

ANOTHER SIDE OF PANAMA

We recommend Panama as a preferred offshore financial center, but here's a darker side; government corruption, press coercion.

But Panama's newly clean banks now meet almost all global standards.

U.K. CITIZENSHIP FOR OVERSEAS COLONIES

Full British citizenship for those living in the few remaining UK overseas territories will soon become law.

BELGIAN HYPOCRITES SEEK TAX HAVEN ADVANTAGES

BRUSSELS. Home of the high tax EU and a loud critic of offshore tax havens turns out to be seeking tax haven advantages itself.

PROPOSED U.K. TAX UPSETS LONDON OFFSHORE BANKS

Labour's new budget hits 750 foreign banks in the UK with £1bn (US$1.4bn) in new taxes; mass exodus of banks predicted.

But bankers say they will fight those new taxes.

HEDGE FUNDS FACE MONEY LAUNDERING CRACKDOWN

Interesting look at how the US government is using the USA Patriot law to destroy financial privacy using the 'terrorism' excuse.

THE CASE FOR GLOBAL INVESTING

Finally, a good time to go global. Foreign markets hold bargains, maybe the best in 30 years. And emerging markets are included.

CALL FOR A WORLD CURRENCY

A Nobel Prize economist says the world needs a common currency.

SWISS POLITICIANS MAY SELL OUT BANK SECRECY

A majority of the Swiss Cabinet is said to favor a compromise on bank secrecy to appease the European Union.

BRITISH TO TAX OFFSHORE INCOME

LONDON. The Labour government proposes annual income taxes on offshore funds.

GUERNESY ALSO UNDER LABOUR THREAT

Both the Channel Islands of Guernsey and Jersey are now under threat from Tony Blair's Labour tax collectors.

U.S. MAY ACCEPT WORLD CRIMINAL COURT

After opposing creation of a UN lead world criminal court, the Bush administration now says it may go along with the tribunal.

INTERPOL TO TRACK PASSPORTS

The global police organization now has a worldwide passport watch list.

U.S. NATIONAL I.D. PLANS QUESTIONED

A new report says ID plans not thought out, threaten privacy.

NEW SOFTWARE MAY BLOCK CARNIVORE

The new PC system program will protect against FBI invasions of privacy.

CANADA SPY CAMERAS ILLEGAL

A judge says they violate the Charter of Rights.

SWISS BANK SECRECY CAMPAIGN PROPOSED

ZURICH. In response to rumors the Swiss cabinet may weaken bank secrecy to appease the European Union, a campaign for a national vote on a constitutional amendment to protect bank privacy is launched.

JERSEY TAKES IT'S TIME

ST. HELIER. Under threat from Blair's Labour government, the Channel Island's leaders are in no hurry to jump through any EU tax hoops.

U.K. GIBRALTAR SELLOUT HISTORY

LONDON. British plans to dump The Rock date back over 30 years.

MALTA E.U. MEMBERSHIP HAS HIGH PRICE

VALLETTA. The European Union demands Malta abandon its low tax status in order to join; Maltese politics is in an uproar.

U.S. FUNDS USE LUXEMBOURG AS E.U. GATEWAY

American mutual funds located here now have 22.5% of all investments.

SPANISH JUDGE CHASES OFFSHORE ACCOUNTS

MADRID. The same grandstanding judge who hounded Chile's Pinochet now pursues a major bank's secret offshore accounts.

HONG KONG FREEDOM SLIPPING AWAY?

As Red China's grip tightens, Hong Kong's status as a free market economy is questioned as SINGAPORE wants to move up.

ARGENTINA SHUTS DOWN

BUENOS AIRES. Fumbling politicians bring a once proud nation down as banks close for an indefinite 'holiday'.

FRENCH POLITICAL EARTHQUAKE

PARIS. Frenchmen are fed up with politics as usual. Enter M. Le Pen.

U.S. ANTI-MONEY LAUNDERING RULES SPREAD WIDE NET

WASHINGTON. New Treasury rules based on the USA Patriot Act cover everything from your wallet to your will and all in between.

THE ECONOMIST BIG MAC INDEX

The latest Big Mac index shows the US dollar to be way overvalued.

GOLD HITS A TWO-YEAR HIGH

LONDON. As world events sour, the safe haven of gold returns.

And Barrick gold announces a new Peruvian gold strike.

AMERICAN DEATH TAX MAY FINALLY DIE

WASHINGTON. Congress may vote full repeal within 90 days.

SOCIALISTS RAP BRITISH RICH TAX LOOPHOLE

LONDON. It's from the Left, but this summary of UK tax laws that permit wealthy foreigners to live tax free in the UK is a good explanation.

GREEK EXODUS FORESEEN

LONDON. If the rich live-in tax free loophole goes, so do Greek shipping magnets and £100 million in business.

SOUTH AFRICANS MUST GO OFFSHORE

JOHANNESBURG. In the faltering RSA economy, offshore offers the only real profits for South African investors.