Neu: 2002-02-07 Contents of this issue:
1. Sorry, We're Closed 2. No Repeats 3. Legal Action Looming 4. Regional Rubbish Collection ======================================================================== February 7th, 2002 1. Sorry, We're Closed: The major instigator of Niue's offshore finance centre set up in 1994 is today dismantling the controversial deal which has had the island on an OEC global blacklist for the past two years. Premier Sani Lakatani the island's Minister of Finance, who faces a general election in a few weeks, remains adamant that the offshore banking and international business companies registration enterprises are "squeaky clean" but admits unrelenting pressure from the OECD financial action taskforce and threats of sanctions has forced the government to repeal offshore banking licensing legislation. It has also put the future of the lucrative international business companies registry in doubt leading to a loss of five per cent of Niue's local revenue. The OECD G7 countries want all offshore financial activities on tiny Niue shut down alleging they are involved in money laundering and tax evasion. The Premier told Radio NZ International that while the offshore banking legislation will be repealed on March 7 he will be holding discussions with the Panamanian registry of Mossack Fonseca to determine what legal implications would arise if the government closed down the international business companies registry set up in 1994. About 6000 companies are registered on Niue.When asked what would happen if the companies registry was closed down the Premier said :"We'd sit down and cry." He says he has asked the OECD to compensate the island for losses created by the banking backdown but says he has not received a reply. It now appears that unless the OECD financial action taskforce demands are met Niue will forgo access to several millions of Euro dollars - its long-term share of a development aid package for Pacific countries. Two US banks last year froze US dollar commissions paid by the companies business registry in Panama although its understood that action has been lifted.. The Premier is also claiming that Niue's blacklisting is preventing the nation from becoming a member of the Asian Development Bank and qualifying for International Monetary Fund and World Bank assistance. 2. No Repeats: Craig de Goldi is hoping his luck holds and history does not repeat itself at the Wellington international sevens starting today. Last year's tournament, part o the International Rugby Board world series, was a disaster for the Auckland openside flanker, who lasted only five minutes of the first match. He earlier broken his arm preparing for New Zealand's successful World Cup campaign, missing three tournaments leading into the Wellington event. Then, five minutes into the first match against Tonga at WestpacTrust Stadium, he broke his arm again and was forced to watch the second day of action from a hospital bed in Auckland. It made depressing viewing as his team-mates lost to Fiji in the quarter-finals, and were then embarrassingly knocked out of the plate semifinal by Samoa. "It was pretty hard to watch," de Goldi, 26, said after the team's final training run yesterday. That training session confirmed that veteran Eric Rush will take his place as captain. Ross Martin drops out of the squad. Rush's recovery from a shoulder injury suffered in Argentina last month, is welcome news for a New Zealand team desperate t get their first win in Wellington. They also need to get their series defence back on track after losing 28-0 to Australia in the final at Brisbane last weekend, and losing to Fiji in the semifinals in Argentina. Despite those results, New Zealand still have a healthy lead in the series and most of the 34,500 full house at the stadium today and tomorrow will expect them to win. De Goldi followed the team's policy of playing down a public thirst for victory. "The results of the last couple of years have been disappointing, but we just have to focus on the first game," he said. That match is against the vastly improved United States, darlings of last year's tournament. For coach Gordon Tietjens, the attitude is that this is "just another tournament". "But it's not easy. No matter what you say, it's still a tournament in your own country, with extra demands and extra pressures." Australian coach Julian Gardner, whose team are the defending champions and come to New Zealand fresh from victory in Brisbane, believes New Zealand are the team to beat. "We're not the favourites, that's for sure. The TAB had us fifth, and that's probably a fair assessment. New Zealand would have to be favourites." Fuelling Gardner's thoughts are the return from injury of Rush and Amasio Valence, and the availability of Karl Te Nana, released from Super 12 preparations by the Chiefs. Super 12 duties mean Australia will have only four of the squad who won in Brisbane. Fiji have called for sevens specialist Willie Satala, who is playing in France. It will give the Fiji team a big lift if he makes it in time. Pool A: New Zealand, England, United States, Papua New Guinea. Pool B: Fiji, Wales, Canada, Tonga. Pool C: Australia, Argentina, Cook Islands, Japan. Pool D: South Africa, Samoa, France, China. New Zealand: Allan Bunting, Craig de Goldi, Nick Evans, Jared Going, Tafai Ioasa, Damian Karauna, Chris Masoe, Hayden Reid, Eric Rush, Karl TeNana, Rua Tipoki, Amasio Valence. ( NZPA) 3. Legal Action Looming: Nauru is considering legal action against the OECD's international Financial Action Task Force following its decision at a meeting in Hong Kong not to lift sanctions against Nauru. Radio Australia correspondent Sean Dorney reports that the Task Force claims legislation that the Nauru Parliament passed in December to tighten up control over its offshore banks did not go far enough in controlling money laundering. A frustrated Acting President of Nauru, Remy Namaduk, has accused the Financial Action Task Force of changing the goal posts and he says Nauru is considering legal action, reported Dorney. The Task Force says the counter measures by its 29 member countries against Nauru will continue because the legislation passed in December does not adequately address the deficiencies in Nauru's licensing, regulation and supervision of its offshore banks. But Mr. Namduk says the international team of legislative lawyers who prepared Nauru's tighter laws is stunned by the decision which, he says, will impact severely on Nauru's fragile economy said Dorney. Meanwhile Niue has advised the Financial Action Task Force that it is not renewing any of the three offshore banking licences so that it can be removed from the OECD blacklist. Premier Sani Lakatani says he will introduce legislation to repeal the island's international banking legislation on March 7 and is considering the future of its international companies business registry. The Premier has always denied money laundering within its offshore finance centre and last year employed a US tax law firm to recover commissions earned from IBC registration when US banks banned the transfer of US dollar funds from a Panamanian law firm. 4. Regional Rubbish Collection: Hazardous waste stored on Niue and 12 other Pacific island countries will be removed later this year and shipped to Australia for destruction. South Pacific Regional Environmental Programme hazardous waste specialist New Zealander John O'Grady is on Niue this week checking out and listing persistent organic pollutants. He said some transformers and fertiliser have been identified and will be removed off island. Niue's water lens 150m from the surface of the island could be detrimentally affected if it became contaminated by unprotected hazardous wastes. The project is funded by AusAid and is being accorded priority this year. __END__
