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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Privacy & Prosperity in the Offshore World
Wednesday, October 6, 2004 - Vol. 6 No. 191
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In This Issue:
* COMMENT: Flip a Coin.
* OFFSHORE: Hong Kong Taxes. Jersey Trusts. Russian Havens. Barbados Treaties. Havens Defended by Swiss.
* WEALTH: IRS Weakness? Tax Bill Deals. Bank Float Ends.
* PRIVACY & RIGHTS: PAT Act Works. Radio Passports. Tech Taps.
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COMMENT: Flip a Coin.
Dear A-Letter Reader:
In the immediate aftermath of the Sept. 11, 2001 terrorist attacks in the US, two out of three Americans polled said some civil liberties had to be given up in order to fight terrorism. But a recent Pew Foundation poll indicated that only 30% of Americans now hold that somewhat drastic view of a possible trade-off between diminished liberties vs. curbing terrorism.
It's accurate to say that protection of civil liberties does not rank high as a major issue among most US voters this year. The Iraq war and the US economy are the big issues.
But if you, as I, have concerns about threats to civil liberties and would like to hear a genuine debate by the two US presidential candidates, forget it. Both are using "homeland security" issues as political ploys to advance their own election prospects.
Not only has there been no serious discussion of these issues by Pres.
George Bush and Senator John Kerry, research shows that both have agonizingly similar records on many of the leading civil liberties issues, including the PATRIOT Act and possible expansion of its Draconian police powers.
To wit:
1) The PATRIOT Act:
BUSH: Backs PATRIOT II bill to expand police powers, more searches, allow FBI investigations without prior judicial supervision.
KERRY: Criticizes the way the Act has been enforced, but wants to make many parts even stronger, temper others. Voted for the Act.
2) Civil forfeiture:
BUSH: Backed provisions in the PATRIOT Act that reversed the reforms and curbs on forfeiture abuse Rep. Henry Hyde's 1999 law imposed.
KERRY: Supports strong US forfeiture and wants to extend it beyond US borders to seize assets and cash in other nations. "We absolutely must push for asset forfeiture laws all over the planet," Kerry says.
3) Anti-money laundering:
KERRY: His solution to money laundering was, and is, to deputize banks and others to force them to spy on all their customers.
BUSH: Backed similar provisions in the PATRIOT Act.
4) Know Your Customer:
KERRY: Believes that bank customers are entitled to essentially zero privacy. "The technology is already available to monitor all electronic money transfers" he wrote, and they should be.
BUSH: Backed expanded similar financial surveillance in the PATRIOT Act.
It's a disservice to intelligent Americans that so little attention is being paid to these fundamental issues. I could go on, but if civil liberties and financial privacy are your major concerns, flip a coin before you vote.
That's the way that it looks from here.
BOB BAUMAN, Editor.
PS: Want to know how the PATRIOT Act impacts you?
LINK: http://www.agora-inc.com/reports/190SPATY/W190E510/
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COMMENT LINKS:
* Bush & Kerry both love the PATRIOT Act. LINK:
http://www.boston.com/news/politics/president/articles/2004/09/07/bush_kerry_on_the_issues_patriot_act/
* Civil liberties issue in the background. LINK:
http://www.boston.com/news/politics/president/bush/articles/2004/10/04/civil_liberties_issue_in_the_background/
* John Kerry's dark record on civil liberties.
LINK: http://www.reason.com/0410/fe.jb.john.shtml
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* OFFSHORE *
HONG KONG URGED TO ABOLISH ESTATE TAX
Ernst & Young argues levy no longer relevant.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=17487
JERSEY TRUSTS AHEAD OF EU
ST. HELIER: Jersey adopts EU anti-money laundering directive.
LINK: http://www.thisisjersey.com/business/business8.html
* Luxembourgers visit Jersey to explore business opportunities.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=17495
ANOTHER RUSSIAN COMPANIES USING TAX HAVENS
MOSCOW: Russian aluminium tycoon feels heat from litigation.
LINK: http://www.atimes.com/atimes/Central_Asia/FJ06Ag02.html
BARBADOS-CHINA TAX TREATY UNDER-UTILIZED
Asian firms encouraged to establish offshore entities in Barbados.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=17492
MALTA & SWITZERLAND DEFEND TAX HAVENS
Representatives protest definition of finance centres as havens.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=17499
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* WEALTH *
SOME SAY THE I.R.S. AIN'T WHAT IT USED TO BE
Are US tax collectors loosing their clout? Hardly! LINK:
http://www.washingtonpost.com/wp-dyn/articles/A2277-2004Oct2.html
TAX CUT BILL AIMS AT TAX HAVENS
White House working to change some provisions. LINK:
http://www.washingtonpost.com/wp-dyn/articles/A7369-2004Oct4.html
* Republicans try to dilute parts of tax bill.
LINK: http://www.nytimes.com/2004/10/05/business/05shelter.html
BANK LAW ENDS CHECK FLOATS
New law to speed up time banks process checks. LINK:
http://www.washtimes.com/business/20041005-022516-5679r.htm
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* PRIVACY & RIGHTS *
USA PATRIOT ACT AT WORK
One writer fails to see an American police state. LINK:
http://www.washtimes.com/commentary/20041004-103824-3279r.htm
U.S. PLANS RFID CHIPS IN PASSPORTS
Radio chips in passports compromise privacy.
LINK: http://www.iht.com/articles/541711.html
* Broadcasting information without consent. LINK:
http://www.thefeature.com/user/frauenfelder/journalentry?id=1070&ref=-1
TECHNOLOGY BOOSTS USE OF WIRETAPS
New computers allow massive police wiretaps.
LINK: http://www.jsonline.com/news/metro/oct04/263737.asp
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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER.
* Bob Bauman, Editor * Daniel Aponte, Jr. Editorial Asst.
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