Offshore News Digest for Week of August 12, 2002

BRITISH PRESS KEEPS HOUNDING LORD ASHCROFT

UK peer, a major financial influence in BELIZE, now is questioned about his role as a director of Bermuda based Tyco Inc.

U.S. DEA agent goes to jail; sold info on Lord Ashcroft & Belize.

U.S. PROSECUTORS LIED TO AUSTRIAN GOVERNMENT

Federal prosecutors lied to persuade Austria to extradite a businessman convicted of fraud in absentia; US judge vetoes sentencing deal.

U.K. LABOUR IMPLIED THREAT TO CHANNEL ISLANDS

ST. PETER PORT, Guernsey. New UK minister offers cooperation, so long as the Channel Islands do what London tells them.

GERMAN CHANCELLOR OFFERS OFFSHORE AMNESTY

BERLIN. Behind in elections polls, a desperate Gerhard Schröder offers tax amnesty for repatriated offshore funds.

FINLAND FEARS ESTONIAN TAX HAVEN

TALLINN, Estonia. Finnish unions fear corporate exodus to low tax Baltic neighbor when EU admission is complete.

EU, OECD TAX DEMANDS DEADLY TO OTHER NATIONS

PANAMA's economy relies upon competition in world financial markets; the OECD does not want any nation to compete.

Foreign Policy magazine article by Dan Mitchell on the OECD.

BAHAMAS ECONOMY HARD HIT BY BAD LAWS

NASSAU. 91% of islands' employers say offshore law changes last year have hurt the nation's economy and cut jobs.

NICARAGUA'S DEFINING MOMENT

Will corruption charges against ex-president be successful?

E.U & U.K. TURMOIL OVER NEW U.S. CORPORATE RESTRICTIONS

US fraud law confuses Europe's top companies.

German, EU legal actions possible against new US law.

Alarm in London over US fraud law.

OFFSHORE TRAVELERS HEALTH TIPS

ATLANTA, Georgia. Before you travel anywhere in the world, the US CDC web site gives you health information about your destination. What to know before you go.

BERMUDA SEES U.S. BETRAYAL; LOOKS ELSEWHERE

HAMILTON. Inversion US political tax fight promotes CARICOM membership, justified distrust of Washington.

LOBBYISTS FIGHT NEW U.S. OFFSHORE RESTRICTIONS

WASHINGTON. Firms enlist ex-lawmakers to limit threatened changes in offshore tax breaks and government contracts.

U.S. PENSION FUNDS MAY BACK OFFSHORE BOYCOTT

NEW YORK. US pension funds meet to consider cutting investment links with US companies that move offshore to tax havens.

ANOTHER U.S. OFFSHORE EXPORT: JOBS

Thousands of US call center jobs are moving overseas.

EXCELLENT OFFSHORE TAX INFORMATION SOURCE

Bermuda-based web site provides comprehensive information on current status of OECD, FATF & offshore tax developments. A MUST READ!

U.K. ANTI-MONEY LAUNDERING ACTION TAKES YEARS

LONDON. UK Labour government repeatedly accuses other nations of not fighting dirty cash, but takes 2 years to act in such cases.

2ND U.S. COURT BACKS TERRORIST PROPERTY SEIZURE

Judge rules government can seize millions based on its charges of terrorism and defendant has no right to a review hearing.

IRS U.S. NONRESIDENT REPORTING RULES OPPOSED

Heated opposition from the Center for Freedom and Prosperity.

U.S. OFFSHORE CON MAN ON TRIAL

DENVER, Colorado. $5 million milked from gullible Australians.

LUXEMBOURG'S CLEARSTREAM GIVES GOOD INFO

Europe's major financial clearing house web site requires registration, but gives you a host of tax and other useful offshore information.

SOUTH AFRICAN INVESTORS FLEE OFFSHORE MUTUAL FUNDS

JOHANNESBURG. R1.5 billion pulled out of offshore unit trusts.

CNN 'NEWS' NOTES NIGERIAN SCAM

The so-called 'news' TV channel discovers a very old story.

NO PENSION ACTION AGAINST OFFSHORE COMPANIES

Officials controlling $1 trillion in pensions funds take no action against US corporations who have moved to tax havens.

FOREIGN CORPORATIONS NOT EXEMPT FROM NEW U.S. LAW

Jail, sanctions, fines worldwide, like it or not.

HONG KONG also fears new US corporate law restrictions.

JERSEY BOWS DEEP TO U.S INTERNAL REVENUE SERVICE

The once ultra-private Channel Island signs a tax information exchange agreement with the US government, as the UK Foreign Office smiles.

REP. RON PAUL SEES U.S. BANKERS HAND IN URUGUAY BAILOUT

WASHINGTON: He says US taxpayers are forced to subsidize US banks and business interests with a $1.5 billion loan to a bankrupt nation.

Uruguay repays $1.5b loan plus $271,351 in interest.

CONGRESS PLAYS SHELL GAME ON 'INVERSIONS'

It's all politics, not truth. Leave them alone, says NCPA.

WORLD ECONOMIC FREEDOM

The Cato Institute and Canada's Fraser Institute report that economic freedom continues to flourish around the world.

World Economic Freedom: 2002 Annual Report.

MOST STABLE NATIONS INDEX

National ratings based on economic, political stability.

WELCOME TO THE UNITED STATES

And upon arrival, you may be fingerprinted on the spot.

REP. ARMEY RESCUES U.S. FROM BIG BROTHER BUSH

WASHINGTON. US House Republican Leader blocks unconstitutional Ashcroft-Bush neighborhood spy/informant plan.

BUT TIPs MAY SLIP THROUGH CONGRESS

Nat Hentoff explains why it still may become law.

Under Fire, US Justice Dept. Shrinks TIPs Program.

"United We Stand, but We'll Snoop Divided,"

YOU CAN PROTEST TIPs INFORMERS PLAN

ACLU site targets opposition to the Bush informant scheme.

FINANCIAL PRIVACY UNDER GOVERNMENT ATTACK

All US financial institutions soon will spy for the government.

53 INDICTED IN U.S. UNDERCOVER OFFSHORE STING

MIAMI. Two year 'Operation Bermuda Short' accuses brokers, CPAs, executives in The Bahamas, Bermuda, Canada and the US.

THE VIEW FROM BERMUDA

HAMILTON: A local business professional explains why only the US is a loser because of Stanley Works withdrawal from Bermuda.

WHAT IS THE O.E.C.D.?

LONDON: BBC tries to explain what the Organization for Economic Co-operation and Development is.

GERMAN LEADERS DISARRAY ON OFFSHORE TAX AMNESTY

BERLIN: On Monday Schroder proposed a tax amnesty for repatriated offshore funds. On Wednesday the plan is scrapped.

MALTA MAY TELL E.U. TO STUFF IT

Maltese leaders accuses EU of insults and blackmail.

JERSEY CONFIDENCE SLIPS

ST. HELIER. Having agreed with the OECD and about to sign with the US IRS, this Channel Island's business leaders do not see a bright future.

GUERNSEY INCREASES FINANCIAL POLICE REPORTS

PETERS PORT. 30% more suspicious activity reports filed on this Channel Island in the last six months.

MANX BANKS TAXED

DOUGLAS, Isle of Man. Zero corporations tax will not apply to banks.

PACIFIC ISLANDS FORUM MEETS

FIJI. 16 nations will discuss money laundering, terrorism.

COSTA RICAN RESIDENCY TIGHTER

SAN JOSE: New, stricter residency rules for foreigners begin Jan. 1, 2003.

GOLD BECKONS INVESTORS AGAIN

Recession, war threat; the worst brings out the best in the precious metal.

E-gold currency expanding worldwide; Baltic electronic gold arrives.

SOUTH AFRICAN MINE OWNERS FACE CONFISCATION

PRETORIA: Government plans to force black majority ownership of De Beers, AngloAmerican and all mining companies.

EUROPEAN UNION PUSHES TRADE WAR WITH U.S.A.

BRUSSELS: EU, WTO trade sanctions could wreck havoc with trade.

EU's weak euro slips against the dollar once again.

U.S. SENATE MAY CURB OFFSHORE TAX DEFERRAL

WASHINGTON. Riding the anti-offshore political wave, senators want to outlaw deferring compensation in offshore trusts.

BANKRUPTCY LAWS EXPLAINED

BBC explains intricacies of legal debt avoidance.

And what is 'money laundering'?

WORLD CRIMINAL COURT BATTLE

WASHINGTON: Battle between EU and US over ICC escalates.

U.S. LAWYERS OPPOSE SECRET DETENTIONS

American Bar Assoc. condemns secret detentions of immigrants.

US judge attacks government detention without counsel.

Cato Report: Protecting Our Liberties While Fighting Terrorism.