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11.27.01 Real-Time Bank Spy. A-Letter
THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Prosperity & Privacy in the Offshore World
Tuesday, November 27, 2001 - Vol. 3 No. 93
In This Issue:
* COMMENT: Real-Time Government Financial Spy Plan
* OFFSHORE: Shell Bank Rules Issued. Gibraltar Goes On. Luxembourg, Latvia, Channel Islands, St. Vincent Banker, St. Lucia Bank, Bahamas. South Korean Haven. Australia Wants People. Canada Confusion. South African Rand Big Mac Price Sinks to Record Low.
* WEALTH: Gold Up? Family Investing. Post 9-11 Asset Allocation. Blair Likes Euro, UK Does Not. US Estate Taxes Upset Swiss. US Tax Evasion Moves. Transfer Pricing. Italy, France.
* PRIVACY: Anti-Terror Law Hits Business. Satellite Surveillance. FBI Secretly Hacks Computers.
COMMENT: Real-Time Government Financial Spy Plan
In 1984 (George Orwell's infamous chosen year), the US Internal Revenue Service first proposed creation of a government controlled, real-time computerized national financial spy system allowing the IRS to monitor all financial transactions of every person on an instant basis, looking for signs of tax evasion or any other criminal conduct. IRS Doc 84-6941
On Oct. 23 we reported that government and banking officials were negotiating a plan to deputize banks as a front line for federal police in detecting suspect financial transactions; that FBI agents already were stationed full time in selected US banks.
Yesterday the Wall Street Journal reported that leading US banks, financial firms and federal police agencies are nearing an agreement that will give the police sweeping powers to trace 'terrorists' cash using just such a real-time spy system. The network will cover banks initially, but eventually brokerage houses, mortgage lenders, insurance firms and wire transfer companies.
The New York Clearing House, which facilitates payments between banks, is leading the talks, including officials from several large banks, J.P. Morgan Chase & Co. and Citigroup Inc., the FBI and the Treasury.
Of course the justification for this mass destruction of what's left of financial privacy is yet again the usual "fighting terrorism" excuse.
This new police spy network may be piled on top of the US Treasury's Office of Financial Crimes Enforcement Network (FinCEN) with thousands of employees raking in millions of suspicious activity reports, few of which every produce an investigation, let alone a conviction. State and local police, the FBI, the IRS, the DEA, Customs and Postal inspectors all have instant computer access to FinCEN files.
This latest assault on privacy fleshes out government plans for a cashless society where the IRS has electronic surveillance over every transaction ranging from ATM machines to credit card purchases, from bank account statements to grocery store bar code check out counters.
There can be no justification for this outrageous intrusion into the private lives of millions of Americans. Government already has means to pursue criminals without reducing us all to being herded like so many sheep. But perhaps the majority of Americans have become sheep.
If there was ever a time to "go offshore" financially, it is NOW!
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LINKS:
* Oct. 23 articles on FBI-bank cooperation:
http://www.nytimes.com/2001/10/20/national/20MONE.html
http://buffalo.bcentral.com/buffalo/stories/2001/10/22/story1.html
* Wall Street Journal, Nov. 26:
http://dailynews.yahoo.com/h/nm/20011126/bs/financial_terror_wsj_dc_1.html
http://interactive.wsj.com/archive/retrieve.cgi?id=SB1006724671180123320.djm
* FinCen: http://www.ustreas.gov/fincen/faqs.html
* New York Clearing House: http://www.nych.org/Default.htm
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* OFFSHORE *
U.S. RULES ON OFFSHORE CORRESPONDENT BANKS
The US Treasury issues interim guidance on offshore "shell banks" under the "USA PATRIOT" Act (Pub. Law No 107-56).
LINKS: Click Here.
Pdf file download LINK: http://www.treas.gov/press/releases/regs.pdf
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GIBRALTAR CARRIES ON
In spite of threats from SPAIN and signs LONDON may sell out this UK colony, GIBRALTAR continues as a major offshore wealth haven.
LINKS: http://www.tax-news.com/asp/story/story.asp?storyname=6412: http://www.investmentinternational.com/offshore_juris/rock.htm
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LUXEMBOURG DOING WELL
Business prospers here even though future secrecy is in doubt.
LINK: http://www.investmentinternational.com/offshore_juris/firm.htm
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LATVIAN TAX CUTS
RIGA. To attract offshore business, business taxes cut to the bone.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=6402
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CHANNEL ISLANDS
* GUERNSEY's unusual history and continued success,
LINK: http://www.investmentinternational.com/offshore_juris/from_0ct.htm
* JERSEY's offshore sector under outside pressure, still grows.
LINK: http://www.investmentinternational.com/offshore_juris/cows.htm
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CARIBBEAN NEWS:
* ST. VINCENT BANKER FLEES
KINGSTOWN. The director of two St. Vincent offshore banks wanted on US charges of money laundering disappears.
LINKS: http://www.naplesnews.com/01/11/florida/d708909a.htm: http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT3OGIG0CUC
* ST. LUCIA OFFSHORE BANK LAUNCHED
Bank Croizer International, this island's first offshore bank.
LINK: http://www.stlucia.gov.lc/pressreleases/2001/bank_crozier_international_-_operating_out_of_saint_lucia.htm
All about St. Lucia,
LINK: http://www.stlucia.gov.lc/saint_lucia/about_saint_lucia.htm
* BAHAMAS KNOCKS O.E.C.D. PRESSURE
NASSAU. The government denies it will give in to OECD high tax demands and here's why.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=6421
Bahamas Stock Exchange desperately searches for business.
LINK: http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT3DEUB4DUC
* The IMF and World Bank offer Caribbean nations anti-money laundering advice and assistance.
LINK: http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT3O2E1GHUC
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SOUTH KOREA PLANS OFFSHORE HAVEN
It claims it'll be another Hong Kong, with tax breaks.
LINK: http://www.nytimes.com/2001/11/24/business/worldbusiness/24ISLE.html
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AUSTRALIA WANTS MORE PEOPLE
But no more immigration. How does that work?
LINK: http://www.nytimes.com/2001/11/25/international/asia/25AUSS.html
INFO LINK: http://www.henley-partner.com/m-citizenship.html#Australia
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CANADA CONFUSION
VANCOUVER. Court upholds lawyer-client privilege. LINK: http://www.thestar.com/NASApp/cs/ContentServer?pagename=thestar/Layout/Article_Type1&c=Article&cid=1006383716094 While the nosey government routinely reads Canadians' mail. LINK: http://www.lewrockwell.com/orig/young6.html
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SOUTH AFRICAN BIG MAC INDEX
Thanks to the rand's slide, South Africa has the dubious honor of being the only country where a hamburger costs less than US$1. LINKS: http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT3Z3RJ7EUC : http://www.economist.com/markets/Bigmac/Index.cfm
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* WEALTH *
GOLD ON THE WAY UP?
Having called the top of the gold market 22 years ago, a gold bug thinks he has found the bottom.
LINK: (free reg. required): http://www.forbes.com/forbes/2001/1210/190.html
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THE FAMILY THAT INVESTS TOGETHER...
More US families are pooling assets, investments and management.
LINK: http://www.forbes.com/forbes/2001/1210/142.html
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POST 9-11 ASSET ALLOCATION
After US terror attacks, here's how to allocate your assets.
LINK: http://www.investmentinternational.com/asset_allocations/what.htm
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BLAIR LIKES EURO, U.K. DOES NOT
LONDON. Labour's PM pushes the euro over sterling, but when?
LINK: http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT3M5EDFEUC But the majority of Brits are opposed to surrendering the pound. LINK: http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT3KK6R5HUC
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U.S. ESTATE TAX CHANGES UPSET SWISS
It may threaten Switzerland's banking secrecy and could mean trouble for Swiss banks with wealthy clients.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=6387
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U.S. HITS TAX EVASION
IRS lawyer convicted of tax evasion, tax advisors arrested in tax scams.
LINKS: http://www.nytimes.com/2001/11/21/business/21IRS.html : http://www.nytimes.com/2001/11/16/business/16IRS.html
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OFFSHORE PRICING SAVES U.S. BUSINESS TAXES
$45 billion last year saved with offshore affiliates.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=6389
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ITALY FOREIGN TAX BREAK
ROME. No withholding taxes on foreign investors government bonds.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=6392
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FRANCE BACKS TOBIN TAX
PARIS. Parliament wants a 1% tax on all foreign exchange transactions.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=6364
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* PRIVACY *
ANTI-TERROR LAW IMPACTS BUSINESS
Privacy issues for companies, workers, customers.
LINKS: http://www.portland.com/business/yourbusiness/011123yourbiz.shtml
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ECHELON'S ORBITING BIG BROTHER
Earth orbiting listening posts are on active duty in the war on terrorism and they could be watching you too.
LINK: http://www.space.com/businesstechnology/echelon_011121-1.html
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F.B.I. SECRETLY HACKS COMPUTERS
FBI software will secretly be installed over the Internet as a trojan horse to record every keystroke on your computer.
LINKS: http://www.washingtonpost.com/wp-dyn/articles/A3371-2001Nov22.html : http://news.cnet.com/news/0-1003-200-7944351.html
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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER. E-mail to: info@sovereignsociety.com. * SUBSCRIBE FREE or send to a friend at LINK: http://www.sovereignsociety.com
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THE SOVEREIGN SOCIETY Ltd., 5 Catherine St., Waterford, Ireland. TEL: 353-51 844 068 FAX: 353-51 304 561. Copyright (C) 2001. All domestic & international rights reserved.
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