"a court of competent jurisdiction" - does not have to be a US court. All the town has to do is get a court order in its own court house.
"directions from ICANN" - If there is a "legal or moral" question ICANN are liable to go with the side that they see as holding the "moral high ground". Remember they are beholden to the US government, and look where there head is at at the moment.
And beware of that "an arbitration award" clause. This means that if someone sues you, sends notice to
webmaster@foreigntown-sexguide.com, and you get found guilty regardless of if you were in court, or even answered the email, and the court decides you have to pay damages for giving the town a bad name, then your registrar has said it will give them your name and address so that they know where to come and collect the money.
I think your question should not be "How waterproof are anonymous domain registrations?" but "what are the laws in the country where you may be prosecuted?". If the court is liable to throw any such case out without even hearing it, or if you are liable to win, or even loose but be fined some small pittance, then go on as you are. But if there is a real risk that you will loose hard, then set yourself up a fake ID and sell your business to the fake ID.
However I think the people you have to ask are lawyers, either in the country you are talking about or a local (to you) lawyer that specialises in the laws of that country. I doubt that anyone on this board has the legal knowledge required to answer these questions for you.