Offshore News Digest for Week of September 23, 2002

DECLINE AND FALL OF THE BRITISH HAVENS, CONTINUED

CEPS report on decline of UK offshore tax havens

Isle of Man, Jersey to sign Tax Information Exchange Agreements with US Treasury.

Manx signs TIEAs with Ireland and Germany.

Press release and text: US Signs TIEA with Guernsey.

(Incomplete) List of US IRS TIEAs and other tax treaties (PDF file format) here.

Blair restricts UK tax haven breaks, privacy for individuals, but secretly uses UK havens for governmental purposes.

UK tax collectors sell buildings to tax haven company, hide the deal.

Jersey Bank under investigation by Irish tax collectors.

Jersey corporation laws revised, updated.

SWISS VOTERS REJECT GOVERNMENT GOLD GIVEAWAY

ZURICH: Having authorized the sale and/or reduction of Swiss gold reserves, voters say no to a proposed gold giveaway plan.

ANDORRA SERVICE TAX EXPANDED

ANDORRA-la-VIELLE: Zero income tax haven expands 7% service levy beyond banks; helps UK fight money laundering.

MONACO-LIECHTENSTEIN DIRTY CASH ACCORD

VADUZ: Government confirms signing of anti-money laundering pact between two haven nations.

B.V.I. PROPOSES END TO INCOME TAXES

ROAD TOWN, BVI: This British territory may repeal all incomes taxes.

BERMUDA INSURANCE HEAD HIT FOR HYPOCRISY

HAMILTON: ACE head criticizes offshore reincorporations but his own company did just that.

Bermuda bank chief notes anti-money laundering inconsistency.

U.S. STATE OF SOUTH DAKOTA MAY ADOPT NULLIFICATION

November referendum would allow juries to acquit if law is unfair. [Note: It is highly instructive to read about who opposes the referendum.]

CIVIL LIBERTIES MAJOR TERROR WAR CASUALTY

USA Patriot Act abridges liberties, rights.

FBI secretly looks at library and book check out records.

SEN. BYRD SAYS SECURITY PLANS THREATEN FREEDOM

“An excuse to ignore constitutional liberties behind closed doors.”

SUPREME COURT OMINOUS VIEW ON WARTIME FREEDOM

Chief Justice Rehnquist's disturbing history of restrictions during war.

OFFSHORE COMPANIES HIRE WASHINGTON LOBBYISTS

Major US corporations that have moved offshore fight congressional tax curbs with high powered DC lobbyists.

OFFSHORE BANKS HIT FOR NIGERIAN FUNDS

Banks in Switzerland, Liechtenstein, Luxembourg and the UK hold over US$1 billion of former Nigerian dictator's alleged loot.

NEW REPORT SHOWS O.E.C.D. HURTS SMALL NATIONS

Large nations help themselves commercially with rules aimed at tax havens and that supposedly fight corporate crime.

IRELAND CHALLENGES U.K. HAVEN DESIGNATION

DUBLIN: Government may fight UK listing as 'tax haven' under CFC law.

HONG KONG DOLLAR PEG TO U.S. DOLLAR AGAIN QUESTIONED

HONG KONG a leader in attracting direct foreign investment.

BRUNEI IS A BERMUDA WANNABE

The Sultanate looks to Bermuda for its own offshore haven planning.

U.S. TREASURY MAY BACK DOWN ON SHELL BANKS

Major opposition from US banks may dilute new rules to be issued under the USA Patriot Act aimed at offshore shell banks.

USA PATRIOT RULES BURDEN VENTURE CAPITAL FIRMS

Investors must be fully vetted to find who they are.

HEDGE FUNDS PATRIOT RULES LESS RESTRICTIVE

More narrowly defined US Treasury Dept. rules issued.

US Treasury singles out hedge funds for scrutiny.

U.S. ALTERNATIVE MINIMUM TAX HITS MILLIONS

36 million Americans may be hit by anti-wealth tax.

TENNIS STAR BECKER PROSECUTED FOR TAX EVASION

German tax collectors claim he is not a resident of MONACO.

U.S. SENATE ATTACKS OFFSHORE COMPENSATION PLANS

Executive tax breaks may be killed by pending legislation.

U.S.-EUROPE TRADE WAR IMPERILS CORPORATE TAX BREAKS

A civil war over taxes within a trans-Atlantic trade dispute.

CHINA GETS MORE FOREIGN INVESTMENT THAN DOES U.S.

Tax bound US displaced as first choice of offshore investors.

ASHCROFT INSPIRES UNUSUAL ALLIANCE

Anti-rights decisions cloaked in anti-terrorism create an unlikely coalition of American conservatives and liberals.

400,000 BRITS PROTEST BLAIR POLICIES

LONDON: “I love my country, I fear my government.” - Placard carried by one of the 400,000 who thronged London to oppose Labour's “anti-country” policies, which include a ban on fox hunting.

AREA CODE “809” TELEPHONE SCAMS

Do not respond to e-mails, phone calls, or web pages that tell you to call an “809” phone number.

US OPPOSES PLAN TO SHARE SAVINGS DATA WITH EU

US opposition endangers UK backed savings tax plan.

Center for Freedom & Prosperity Savings Tax Directive web page here.

Cato Institute: EU Savings Tax Directive a Tax Cartel in Disguise.

U.K. Continues Attack on Swiss Bank Secrecy.

TAX HAVENS CHARGE BIG NATION CORRUPTION

Haven group says hypocritical high tax countries allow corruption.

BRITISH OFFSHORE TERRITORIES MEETING

LONDON: Indentured colonials supposedly “consult” with UK.

MORE U.K. LABOUR HYPOCRISY

LONDON: Blair government tries to crush tax havens but UK Inland Revenue secretly uses havens to its own advantage.

JERSEY MAY FOLLOW ISLE OF MAN, END CORPORATE TAXES

ST. HELIER: Tax competition among UK havens forces corporate tax cuts.

HONG KONG'S LOST LIBERTIES

Business as usual as new Red China law threatens SAR freedom.

DUBAI OFFSHORE CENTER HAS MANY APPLICANTS

25 financial firms sign up for new Arab Gulf Offshore Financial Center.

AMERICAN POLITICS ENDANGERS U.S.-BARBADOS TAX TREATY

Existing treaty tax breaks for offshore US companies may be ended.

COSTA RICA CURBS POTENTIAL FOREIGN RESIDENTS

SAN JOSE: No more in-country applications for residency allowed.

F.A.T.F. ABANDONS NATIONS BLACKLIST

Financial Action Task Force (FATF) suspends self-appointed role as dirty money judge, ends country blacklisting.

FATF meets in October; RUSSIA may get off blacklist.

Online gambling web sites tell FATF they can keep clean.

VENTURE CAPITAL FUNDS EXEMPT FROM U.S.A. PATRIOT RULES

WASHINGTON: Restricted withdrawals make abuse unlikely.

I.R.S. CLAIMS WIDESPREAD U.S. TAX EVASION

WASHINGTON: Agency head claims IRS cannot keep up with evasion.

U.S. PROSECUTORS WANT TO SEIZE CORPORATE OFFICIALS ASSETS

WASHINGTON: Drug civil forfeiture laws to be used on business crooks.

NIGERIAN SCAM DUPE EMBEZZLES $2.1 MILLION

DETROIT: Legal secretary strips law firm, sends cash to offshore banks.

EUROPEAN UNION ECONOMIC PLANS DYING, DEAD

BRUSSELS: Deadline for curbing deficits keeps on moving farther away.

French government plans tax cuts.

DEADBEAT GOVERNMENTS DOUBLE IN NUMBER

LONDON: Debt defaults by sovereign governments keep on rising.

BANKS DUMP CLIENT FINANCIAL PRIVACY

CAPE TOWN, South Africa: Government bank supervisors of 120 nations agree to invade account holders privacy to pursue alleged terror suspects.

INVESTIGATION OF 9-11 INTELLIGENCE FAILURES

A year later the US Congress finally agrees to an independent inquiry into the massive failure of US agencies to head off 9/11 terror attacks.

REP. RON PAUL PUTS OUR SITUATION IN CONTEXT

U.S. Rep. Ron Paul (R-Tex) describes the world and US predicament in stark, honest terms. Who wants to add a war to all this?