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Center for Freedom and Prosperity's Weekly Update 3) Competitive Enterprise Institute: Report on Dangers of Information Exchange to U.S. Economy 4) CFP and Heritage participate in Iceland's first Tax Competition Conference 5) Transparency Versus Privacy: Reflections On OECD Concepts Of Unfair Tax Competition 6) Dr. Gilbert NMO Morris on International Financial Regulations & The Rule of Law The OECD deadline for low-tax countries to agree to new "harmful tax competition" guidelines is fast approaching – November 30. As we reported earlier, the OECD is putting pressure on Panama, BVI, Barbados, The Bahamas, and the Channel Islands to give up their sovereignty. The Center is leading the fight against the OECD tax harmonization drive. But we want to be clear about our motives. We are not necessarily driven by a desire to protect other nations. Yes, we do believe in opportunity for all, and we certainly think that fiscal sovereignty is an important feature of a just international order, but our real goal is protecting the economic interests of the United States. America is the world's biggest tax haven, and this has yielded tremendous benefits for the U.S. economy. We realize that small low-tax countries are just stepping-stones that Europe's welfare states are using as part of a long-term effort to undermine America's competitive advantage. Fortunately, the interests of America are identical to the interests of the smaller countries being persecuted by the OECD and EU. That is why the Center is educating people in Washington, explaining that the OECD/EU tax harmonization agendas will:
Fortunately, our efforts are bearing fruit. Last month, unscrupulous politicians in the U.S. tried to add pro-OECD language to the anti-terrorism bill. We defeated this effort, but they will try again. We need everyone's help to insure that we get the message out and that we are able to educate lawmakers, the press and the people. Visit our web page to get the latest information on how to turn back this anti-tax competition push. I especially recommend you review Dan Mitchell's "Tax Competition Primer." Both are linked below. CFP Web page: Tax Competition Primer: 2) CFP advocates pulling IRS regulation on the reporting of bank deposit interest paid to nonresident aliens in a letter to the Senate The Center for Freedom and Prosperity, joined by 39 other groups, sent a letter to the U.S. Senate advocating a tax cut package to revive the economy. The Center advocated the addition of language for the immediate withdrawal of the IRS regulation proposed in the waning days of the last administration dealing with the reporting of bank deposit interest paid to nonresident aliens. The letter states, "this proposed regulation could drive hundreds of billions of dollars of capital out of the American economy – with no increase in revenue to the U.S. Treasury. This regulation was a bad idea before September 11; it is an even worse idea today." CFP Press Release: For a full copy of the letter please go to: 3) Competitive Enterprise Institute: Report on Dangers of Information Exchange to U.S. Economy A new report says proposed IRS rules killing US foreign investor privacy could cost the US billions of dollars in foreign savings. Link below: October 1, 2001, Competitive Enterprise Institute, by Stephen Entin, "New Threats To Foreign Investment: The U.S. Treasury And Information-Sharing" 4) CFP and Heritage participate in Iceland's first Tax Competition Conference Veronique de Rugy, CFP board member and Cato Institute expert, and Dan Mitchell of the Heritage Foundation participated in Iceland's first Tax Competition Conference in Reykjavik.
The conference was sponsored by the Institute of Economic Studies at the University of Iceland (IoES) and the International Policy Network. Click on the link below to see the web page on the conference. 5) Transparency Versus Privacy: Reflections On OECD Concepts Of Unfair Tax Competition Terence Dwyer and Deborah Dwyer on "Transparency Versus Privacy: Reflections On OECD Concepts Of Unfair Tax Competition." This article was first published by the Commonwealth Secretariat in its
International Capital Markets Quarterly Review vol 21 No2/3 July 2001 and is reproduced by permission. Link below: 6) Dr. Gilbert NMO Morris on International Financial Regulations & The Rule of Law September 2001, Paper for the Cambridge International Symposium on Economic Crime, Dr. Gilbert NMO Morris, International Financial Regulations & The Rule of Law; link below November 4, 2001, E-Commerce Tax News, by David Hardesty, Will Offshore E-Commerce Survive Anti-Terrorism? November 5, 2001, New York Times, by Jeff Gerth And Judith Miller, U.S. Gets Help in Finding and Freezing bin Laden's Funds November 1, 2001, Tax-News.com, by Mike Godfrey, US Official Reiterates Opposition To OECD Tax Initiative October 26, 2001, Insight Magazine, by John Berlau, Banks and Suspicion November 1 2001, Fort Lauderdale Sun-Sentinel, by Deanna Zammit, Task force targets terror money network November 1, 2001, Tax-News.com, by Ulrika Lomas, Switzerland Praised By US Politician Over Money Laundering Controls November 1, 2001, Tax-News.com, by Amanda Banks, Bahamas Anti-Money Laundering Laws Superior To Some OECD Countries, Says BSFB November 1 2001, Financial Times, Editorial comment: Terrorist funds November 2, 2001, Tax-News.com, by Jason Gorringe, Offshore Tax Expert Says Private Banking Is Changing October 30, 2001, CNET News.com, by Troy Wolverton, Economic, political shifts revive calls for e-tail levies October 31, 2001, International Herald Tribune, by Denise Couture, Muted Response to U.S. Law October 31, 2001, International Herald Tribune, by Eric Pfanner, Tightening the System October 30, 2001, WorldNetDaily.com, a Stratfor Global Intelligence Update, Worldwide sweep of U.S. anti-terror law International financial transactions to be impacted October 30, 2001, Tax-News.com, by Leroy Baker, US Banks Escape Strictest Anti-Money Laundering Rules, October 26, 2001, The Christian Science Monitor, By Gail Russell Chaddock, How authorities will be monitoring your money October 27 2001, South Florida Sun Sentinel, By Antonio Fins, Law triggers new paper trails October 26, 2001, The New York Times, By David Gonzalez, Changed Panama Banks Root Out Terror Funds October 22, 2001, The New Yorker, by Seymour M. Hersh, King's Ransom: How vulnerable are the Saudi royals? October 29, 2001, Herald Tribune, by John Hielscher, Some local bankers are wary of money-laundering legislation
Best regards,
Andrew Quinlan
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