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12.11.01. Odds & Ends. A-Letter.
THE SOVEREIGN SOCIETY OFFSHORE A-LETTER Your Link to Freedom, Prosperity & Privacy in the Offshore World Tuesday, December 11, 2001 - Vol. 3 No. 97
In This Issue: * COMMENT: Odds & Ends * OFFSHORE: Havens, Good & Bad. Cato on Bush's Law. Swiss Art. Italy's Return Cash Flow; Warrant Concern. Bird Guano Island Clean Up. Mauritius Manipulation. UAE, Israel Dirty Cash. Mitchell Cheered. Antigua-US Tax Info Agreement. Hard Return for U.S. Expats. * WEALTH: Special Euro Report. Offshore Boot Camp. Cashless Argentina. Gold Shares Soar. Capitalists Walk. Exit from High Tax Finland. * PRIVACY & RIGHTS: ID Card = Government Control. Fearful Americans. Rights Going, Gone. Madison's Warning. Police State. COMMENTS: Odds & Ends by Bob Bauman, Editor CAYMAN ISLANDS SURRENDER TO I.R.S. We have heard from both sides about our reporting of the US-Cayman Islands tax information exchange agreement. A banker there claims we are alarmist and overstated the case. A CI resident agreed that we were right on in saying the Cayman government had sold out to London and Washington, making inevitable the islands' end as a tax haven. The Cayman government felt compelled to call a press conference to reaffirm the nation's status as a loving, loving banker to the world, (except when the IRS calls). But perhaps the most absurd statement we've heard came from the crusty old Manhattan district attorney, Robert Morgenthau, who denounced the Caymans-IRS agreement as "a sham." Morgenthau, who has made a second career out of attacking tax havens in NY Times op-ed pieces, wants Pres. Bush to use his new anti-terror legal powers "to cut off the Cayman Islands' access to the United States banking system immediately" which, he claimed, was "the only effective way to end decades of tax evasion and other felonies by Americans using Cayman Islands accounts." His other complaint was that the 2-year effective date of the agreement would allow money to to be moved elsewhere. As we said, in terms of total capital in banks and under management, the Cayman Islands ranks as the world's 5th largest financial center, after New York, London, Tokyo and Hong Kong. One wonders if the reckless Mr. Morgenthau wants to close down Hong Kong or Zurich, arguably scenes of just as much dirty cash, if not more. But we bet most of those who value true financial privacy certainly will not move their Cayman cash to New York or anywhere in the US. ----- LINKS: Cayman Defends Itself: http://www.tax-news.com/asp/story/story.asp?storyname=6614 Morgenthau Attacks Tax Pact: http://www.nytimes.com/2001/12/08/business/worldbusiness/08TAX.html ----- U.S. OFFSHORE MAIL SEARCH WITHOUT A WARRANT If the runaway US Congress is not stopped, Customs and postal agents will get new authority to open and inspect offshore US mail without probable cause or a search warrant, as now required. The "Customs Border Security Act" (HR 3129) specifically targets monetary instruments sent abroad. It also gives agents immunity from suit for 'good faith' acts. Rep. Ron Paul (R-Tex) denounced the bill as another example of lost freedoms under the spurious guise of anti-terrorism. LINKS: http://www.house.gov/paul/tst/tst2001/tst121001.htm For bill text, go to: http://thomas.loc.gov/ Contact your US congressman: http://www.house.gov/house/MemberWWW.html
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GOOD HAVEN, BAD HAVEN, LOTS OF CONFUSION! A JERSEY observer asks: "Are we seeing the first signs of a split of tax havens into two camps; the hard core non-cooperative and the compliant?" LINK: http://www.accountingweb.co.uk/cgi-bin/item.cgi?id=65197 ----- CATO VIEWS THE BUSH ANTI-MONEY LAUNDERING LAW Constitutional law expert Roger Pilon tells it like it is. LINK: http://www.cato.org/current/terrorism/pubs/pilon-011205.html ----- SWISS DIRTY CASH RULES EYE TRADING COMPANIES BERN. The government may extend suspicious activity reporting laws to cover art and jewelry trading companies. LINK: http://www.chron.com/cs/CDA/story.hts/business/1164331 ----- ITALIAN CAPITAL FLYS HOME FROM SWITZERLAND ROME. Italy's Central Bank says its tax amnesty is working. LINK: http://www.tax-news.com/asp/story/story.asp?storyname=6610 ----- ITALY HITS E.U. ARREST WARRANT PROPOSAL Italy opposes a common European arrest warrant which might allow politically motivated prosecutorial witch hunts. LINKS http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT3GBYW51VC http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT36KH1R2VC ----- NAURU CLAIMS ITS CLEANED UP ITS ACT Seeking to avoid FATF sanctions, the Pacific Island amends its laws to put an end to dirty cash, it says. More than you ever wanted to know about this former bird dung exporting paradise. LINKS: Click Here and here. ----- MAURITIUS, INDIA IN OFFSHORE CASH ROW MUMBAI, India. The Indian Ocean tax haven is accused of being a base for manipulation of the Indian stock market. LINK: http://in.news.yahoo.com/011207/43/1afsf.html ----- U.A.E. FINANCIAL LAWS TOUGHENED Anti-terror cash push causes a crackdown in the United Arab Emirates. LINK: http://www.oxfordbusinessgroup.com/weekly01.asp?id=220 ----- ISRAEL STAYS ON F.A.T.F. BLACKLIST The government is not cleaning up enough dirty cash activity. LINK: http://www.haaretzdaily.com/hasen/pages/ShArt.jhtml?itemNo=103419 ----- CARIBBEAN CONFERENCE CHEERS MITCHELL MIAMI. Dan Mitchell of the Heritage Foundation is cheered when he tells a Caribbean meeting: "The OECD just wants to turn low tax nations into fiscal colonies to support their uncompetitive welfare states." LINK: http://www.miami.com/herald/content/business/national/digdocs/077578.htm ----- ANTIGUA SIGNS U.S. TAX TREATY Another nation agrees to share tax information with the US IRS. LINKS: http://www.tax-news.com/asp/story/story.asp?storyname=6620 http://www.treas.gov/press/releases/po845.htm ----- RETURN OF THE U.S. EXPATS American expatriates returning home from abroad face problems. LINK: http://www.nytimes.com/2001/12/09/business/yourmoney/09EXPA.html
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SPECIAL REPORT ON THE IMPENDING EURO Business Week explains the outs of old EU currencies and the ins of the euro. New Years brings the change over. LINKS: http://www.businessweek.com/globalbiz/content/euroage.htm http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT3NQZTN2VC ----- OFFSHORE BOOT CAMP Sovereign Society Council of Experts member, Vernon Jacobs announces seminars on international tax law at Caesar's Palace in Las Vegas, May 24-25, 2002. Details at LINK: http://www.offshorepress.com/ostaxbootcamp.htm ----- NO CASH FOR YOU, ARGENTINA BUENOS AIRES. With massive debt and widespread tax cheating, the government is trying to eliminate cash from the economy. LINK: http://arizonarepublic.com/news/articles/1206argentina06.html ----- GOLD STOCKS SOAR A gold specialist notes gold stocks soar while gold doesn't. LINK: http://www.nytimes.com/2001/12/09/business/yourmoney/09INVO.html ----- WALK FOR CAPITALISM The Libertarian project is a world success. LINK: http://www.wnd.com/news/article.asp?ARTICLE_ID=25601 ----- MORE ABOUT BANK SPY SOFTWARE Newsweek discovers what we've known for years; banks are spies. LINK: http://www.msnbc.com/news/669696.asp?cp1=1 ----- HIGH TAX FINLAND With corporate taxes at 46%, Nokia, a major Finnish company may relocate to the no-tax Cayman Islands. LINK: http://www.wap.com/share/osas/cache/artid551353.html
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NATIONAL I.D. CARDS MEAN GOVERNMENT CONTROL An eye-opening survey of the implications of a US national ID card. LINK: http://sierratimes.com/archive/files/dec/06/eddf120601.htm ----- U.K. HOUSE OF LORDS DEFENDS LIBERTY LONDON. The British House of Lords repeatedly defeats Tony Blair's so-called anti-terror bill, forcing compromises. LINK: http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT38HW1R2VC ----- FEARFUL AMERICANS ABANDON FREEDOMS A new poll says 75% will accept random police checks of their cars; 67%, opening of their mail; 54%, monitoring of their phone calls. LINK: http://inq.philly.com/content/inquirer/2001/12/10/front_page/POLMAN10.htm ----- AMERICAN RIGHTS; EVERYTHING GOES Nat Hentoff explains the dangers of the John Ashcroft mentality. LINK: http://www.villagevoice.com/issues/0148/hentoff.php ----- MADISON WARNED U.S. Fear of foreign perils, James Madison realized, can persuade a once freedom loving people to give up liberties. LINK: http://www.independent.org/tii/news/011206Watkins.html ----- GROWTH OF THE POLICE STATE Cato Institute scholars document the impact of increased police powers on civil liberties. LINK: http://www.cato.org/current/civil-liberties/index.html ============================================================ 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 ============================================================ 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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