August 2002 Selected News Clips

(Especially noteworthy articles’ headings highlighted in gold.)

NEW YORK TIMES NEXT TAX TARGET: IRELAND

'Reporter' Johnston pronounces offshore tax moves to Bermuda by US corporations 'dead.' His next smear target - very low tax Ireland.

OFFSHORE INVESTMENT FUNDS HIT BY U.S. JITTERS

But some performers stand out with surprising strength.

S&P Top 500 Offshore Funds.

PATRIOT ACT MAKES YOU A SUSPECT!

Outrageous law forces all financial institutions to treat all of us as suspected criminals; secret police reports of suspicious activity.

BATTLE TO PRESERVE AMERICAN CIVIL LIBERTIES

As Pogo once said, "We have met the enemy and he is us."

FREEDOM vs. SECURITY

Civil liberties concerns grow as Congress considers homeland security.

NEW STUDY SHOWS HYPOCRISY OF O.E.C.D

A new study shows the sanctimonious OECD is more guilty of lack of transparency and tax favoritism than the offshore havens it attacks.

ANOTHER BELIZE PASSPORT SCANDAL?

BELIZE CITY. Local paper charges illegal sales of defunct economic citizenships; official criminal investigation called for by minister.

WORLD ENTREPRENEURSHIP RATINGS

Mexico, New Zealand, Australia, Korea, and Brazil are the top five.

GOOD REASON TO MOVE YOUR ASSETS OFFSHORE

Pres. Bush criticizes 'junk and frivolous lawsuits' by unscrupulous trial lawyers that are decimating the US health care industry.

BIG BROTHER CREDIT CARD COMPANIES

Why should credit card companies allow a New York politician to tell you what you can or cannot buy with your plastic?

LATIN EXEMPTION CHEERS FLORIDA BANKS

IRS proposal for reporting foreigners' US income doesn't cover South America, and Florida bank lobbyists are crowing.

WHICH GEORGE IS IT? BUSH OR ORWELL?

George Bush...or is it George Orwell? Is '1984' a how-to manual?

NEW U.S. HIGH TECH SPY SYSTEM PLANNED

A US agency plans a 'Total Information Awareness' system, a high-tech eavesdropping program that leaves no data unexamined.

TEAMSTERS UNION BACKS BUSH INFORMANT PLAN

Hoffa & Co. make a deal to join the Bush TIPs neighborhood spy plan.

TIPs CALLS GO TO TV SHOW

WASHINGTON: It borders on the surreal, but the US Dept. of Justice is forwarding incoming Operation TIPS calls to the office of "America's Most Wanted" television series!

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.

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.

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.

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!

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.

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.

FOREIGN CORPORATIONS NOT EXEMPT FROM NEW U.S. LAW

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

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.

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.

FINANCIAL PRIVACY UNDER GOVERNMENT ATTACK

All US financial institutions soon will spy for the government.

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.

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.

U.S. SENATE MAY CURB OFFSHORE TAX DEFERRAL

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

Cato Report: Protecting Our Liberties While Fighting Terrorism.

THE U.S. AS MAJOR TAX HAVEN: EXPLANATION

UPI writer explains why and how the US is a major tax haven for foreign investors, and why it should stay that way.

OFFSHORE DEBATE MAY CAUSE CORPORATE TAX REFORMS

Someday firms may not have to go to Bermuda to escape the IRS.

I.R.S. BANS LIFE INSURANCE TAX SAVINGS SCHEME

IRS nixes billions in hoped-for estate and gift tax savings.

U.S. BANKS BEGIN FILING FinCEN SARs ONLINE

US banks will file realtime Online suspicious activity reports (SARs) with FinCEN, the US Treas. anti-money laundering unit.

SWISS BANKER DEFENDS FINANCIAL SECRECY

ZURICH. Credit Suisse CEO says Swiss banking secrecy law is right.

E.U. DEMANDS COMMON FINANCIAL LAWS; U.K. SAYS NO

BRUSSELS: EU bureaucrats want uniformity for corporate, banking and financial laws. UK says this is a step backward for them.

LIECHTENSTEIN CORPORATIONS

Minimal taxes, maximum asset protection.

I.R.S. DEMANDS PRIVILEGED CLIENT RECORDS

WASHINGTON. IRS serves summons on banks, accounting firms, lawyers and financial advisors demanding privileged data they refuse to surrender about clients' tax avoidance and estate plans.

PGP ENCRYPTION SOFTWARE IS BACK

Phil Zimmermann's PGP, the popular encryption technology, is back in the hands of an independent company.

All new PGP Corp.

Europeans buy it here.

E.U. BUREAUCRATS ATTACK PERSONAL PRIVACY

Demand year long retention of all e-mails, phone calls.

CELEBRATE VICTORY, NOT DEFEAT

Just how should America remember September 11, 2001?

BE ASHAMED OF THE GOVERNMENT

H.L. Mencken: "Every decent man is ashamed of the government he lives under."

IRS TO GET MORE OFFSHORE CREDIT CARD RECORDS

MIAMI. MasterCard ordered to cough up records of offshore credit cards issued by banks in 30 countries to pursue alleged tax cheats.

CHINA MONITORS INTERNATIONAL MONEY FLOWS

SHANGHAI. New agency formed to halt capital flight.

US BOOKSELLERS SUE DOJ

NEW YORK. Civil liberties groups and the American Booksellers Foundation file a Freedom of Information Act request to learn how the surveillance provisions of the USA-PATRIOT Act have been implemented.

COMPUTER PRIVACY TOOL BYPASSED

ORANGE, CALIFORNIA. New device said to bypass "anonymizing" features of privacy software.

WARN YOUR TEENAGER

ASPEN, COLO. DOJ set to prosecute individuals who illegally trade copyrighted music and video files using services such as "Morpheus." EU to follow suit?

MORE GOVERNMENT DOUBLESPEAK

OAKLAND. New rules that supposedly protect medical privacy require national ID and for doctors to report all medical treatment (even self-paid!) into a centralized database.

BERMUDA TO IMPOSE INCOME TAXES?

HAMILTON. Despite denials from the Finance Minister, the editor of a major Bermuda paper stands by his claim that the government plans to impose an income tax.

JAPAN MAY RESTORE INSURANCE ON BANK DEPOSITS

TOKYO. Deposit guarantees scheduled for removal in April 2003, but could be restored amid fears of mass bank runs.

FOREIGN COMPANIES REVOLT AGAINST NEW US ACCOUNTING RULES

Now some of GERMANY'S biggest companies are opposing U.S. rules that make executives personally responsible for their corporate bookkeeping.

CONTROVERSY MOUNTS IN JAPAN OVER NATIONAL DATABASE.

Efforts by government to assign national ID number to every citizen meets unexpected opposition.

SECRET COURT RULES AGAINST ASHCROFT ON EXPANDED WIRETAPS.

Top secret "Foreign Intelligence Surveillance Court" cites more than 75 cases where it was misled by the FBI in applications for wiretaps and other electronic surveillance. White House plans appeal.

Court decision.

The first 21st century police state?

US TO CHANGE THE TAX TREATMENT OF DIVIDENDS?

WASHINGTON, D.C. Bush proposal to eliminate triple taxation of dividends will go a long way toward rationalizing US Tax Code.

US TELEPHONE RECORDS OPEN TO THE HIGHEST BIDDER.

WASHINGTON, D.C. Unless you explicitly "opt-out," your home, office and cellular dialing records can now be sold to anyone.

NEW SCANNER SEES THROUGH CLOTHES

RICHLAND, WASH. A recently developed holographic imaging device that could be used for anti-terrorism applications provides the most explicit view yet.

C.F.P. EXPOSES BUSH OFFSHORE SCHIZOPHRENIA

WASHINGTON. Against the EU savings tax directive; for the IRS reporting of foreigners' US income. Termites at work at Treasury.

BERMUDA VIEW OF U.S. DEBATE

HAMILTON. Tax haven looks at US stand on re-incorporation.

WORLD CORRUPTION ON THE RISE

Transparency International finds Bangladesh worst, Finland cleanest.

Transparency Report here.

SWISS corruption found to be minimal.

F.B.I. SEEKS GRENADA BANK FRAUDSTERS

TORONTO, Canada. Millions lost in Grenada Bank fraud.

DOMINICA BOWS TO F.A.T.F. RULES

ROSEAU, Dominica. Government shuts down one of last offshore banks.

ANOTHER OFFSHORE PRODUCT: FAKE DIPLOMAS

A US person in Romania with a UK mail drop and a bank in Cyprus.

BERMUDAN EXPLAINS U.S. TAX 'LOOPHOLES'

HAMILTON. Expert says public doesn't understand tax laws.

TIME FOR A WRITTEN BRITISH CONSTITUTION?

LONDON. Now that all the rights are gone, write down what's left.

CANADA'S RULERS WANT NET SURVEILLANCE

OTTAWA: Full-time wiretapping on Internet activity planned.