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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Prosperity & Privacy in the Offshore World
Tuesday, August 20, 2002 - Vol. 4 No. 82
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In This Issue:
* COMMENT: The IRS Aegean Stables
* OFFSHORE: America the Tax Haven. Menem's Money. French-Israeli
Money Laundering. Gateway Hong Kong. Bermuda Short Sting.
US Pressures Nicaragua Ex-Prez. Dominica Finances in Bad Shape.
* WEALTH: US Asset Freeze Curbed. Repeal US Corporate Taxes?
IRS Nixes Life Insurance Plan. Bank Baer Bummer. Realtime SARs.
South African Taxes Hurt. Many Australians Offshore Scammed.
* PRIVACY & RIGHTS: Government Brain Scanners Planned.
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* COMMENT: The IRS Aegean Stables.
Dear A-Letter Reader:
The IRS anti-offshore scare machine was operating full tilt once again last week. On Thursday the IRS went to court seeking MasterCard recordsfor 1999, 2000 and 2001 issued by offshore banks in 30 countries, including all major tax havens such as Liechtenstein, Switzerland, Bermuda and Belize.
The continuing IRS bullying tactics are aimed at US persons who dare to exercise their legal right to acquire and use offshore credit cards. In Oct. 2000, an expansive Miami federal judge approved a similar summons on MasterCard for 1998-1999. That one targeted cards issued by banks in The Bahamas, Antigua and the Cayman Islands. Earlier this year, a US district court in San Francisco authorized an IRS summons for VISA cards issued by banks in the same 30 countries.
This entire IRS offshore credit card chase is an illegal and unconstitutional fishing expedition without a shred of 'probable cause' to support it. It's based on a speculative statement of one convicted felon turned informer, who had his Caymans bank closed down years ago, then made a deal with the US in order to cut his jail time.
As usual, the lapdog American news media ignored the right to financial privacy, the constitutional issues, and reprinted without question the IRS press release lies.
The IRS claims, without proof, that one or two million Americans have overseas bank accounts with credit or debit cards, and that, gee whiz, they 'think' a major portion of them are tax cheats. The IRS also claims a loss of $70 billion annually in unpaid taxes.
Anyone who checks the IRS own statistics and does the simple math, knows that these fictitious figures are blatant propaganda unsupported by evidence.
The out of control IRS attack on honest taxpayers, based on lies and hunches, will continue unless and until Pres. Bush and his political policy makers screw up their courage and clean out the IRS Aegean stables.
Put that at the top of your Herculean list of ranch chores this month, Mr. President. And don't be afraid to get your boots dirty.
That's the way that it looks from here.
BOB BAUMAN, Editor
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COMMENT LINKS:
* IRS seeks offshore records. AP. LINK:
http://www.miami.com/mld/miamiherald/business/national/3872630.htm
* US Checks on Offshore Accounts. Bloomberg News. LINK:
http://www.sun-sentinel.com/business/local/sfl-ztaxhaven16aug16.story?
coll=sfla-business-headlines
* US Widens Investigation of Offshore Tax Evasion. DOJ. LINK:
http://usinfo.state.gov/cgi-bin/washfile/display.pl?p=/products/
washfile/latest&f=02081601.clt&t=/products/washfile/newsitem.shtml
* Annotations on the Fourth Amendment of the Bill Of Rights. LINK:
http://caselaw.lp.findlaw.com/data/constitution/amendment04/
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* OFFSHORE *
THE U.S. AS MAJOR TAX HAVEN: EXPLANATION
UPI writer explains why and how the US is a major tax haven for foreign investors, and why it should stay that way.
LINK: http://www.upi.com/view.cfm?StoryID=20020817-113751-5609r
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ARGENTINE EX-PREZ SWISS ACCOUNTS MAJOR ISSUE BUENOS AIRES.
Carlos MENEM lied about his Swiss bank accounts. Now that may cost him his political come back.
LINK:http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT
/FullStory&c=StoryFT&cid=1028185825672
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FRENCH-ISRAELI DIRTY CASH SCHEME CONTINUES PARIS.
Judicial actions fail to curb check swapping scheme.
LINK: http://www.arabnews.com/Article.asp?ID=17881
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HONG KONG STILL GATEWAY TO CHINA INVESTMENTS
Hong Kong is home to more than 180 funds that focus on mainlandChina companies.
LINK: http://www.iht.com/articles/67972.htm
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MORE CANADIANS FACE OFFSHORE STING ARREST VANCOUVER.
'Bermuda Short' joint US-Canadian police sting nets 53, more expected to be arrested by Mounties.
LINK: http://www.theglobeandmail.com/servlet/ArticleNews/business/
RTGAM/20020818/818bcbc/Business/businessBN/breakingnews-business
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U.S. PRESSURES EX-PREZ OF NICARAGUA MANAGUA.
US may try ex-president for money laundering.
LINK:http://www.guardian.co.uk/international/story/0,3604,775977,00.html
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DOMINICA FINANCES IN BAD SHAPE
Caribbean neighbors prop up Commonwealth with a loan.
LINKS:http://athena.tbwt.com/content/article.asp?articleid=1189
http://europe.cnn.com/2002/WORLD/americas/08/18/
caribbean.economics.ap/index.html
* Two sentenced by US court in Dominica bank fraud case.
LINK: http://www.naplesnews.com/02/08/florida/d758077a.htm
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* WEALTH *
U.S. BACKS DOWN ON MISTAKEN ASSET FREEZES WASHINGTON.
US yields to European pressure for more proof and an appeals procedure on alleged terror assets.
LINK:http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/
FullStory&c=StoryFT&cid=1028185801193
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OFFSHORE DEBATE MAY CAUSE CORPORATE TAX REFORMS
Someday firms may not have to go to Bermuda to escape the IRS.
LINK:http://www.usnews.com/usnews/issue/020819/biztech/19taxes.htm
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I.R.S. BANS LIFE INSURANCE TAX SAVINGS SCHEME
IRS nixes billions in hoped for estate and gift tax savings.
LINKS: http://www.nytimes.com/2002/08/17/business/17TAX.html
http://www.nytimes.com/2002/07/28/business/28TAX.html
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BANK JULIUS BAER LOWERS PROFITS
ZURICH. Leading Swiss private bank shows net profit drop.
LINK:http://www.swissinfo.org/sen/Swissinfo.html?siteSect=161&sid=1277820
LINK: http://www.juliusbaer.com/
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U.S. BANKS BEGIN FILING FinCEN SARs ONLINE
US banks will file realtime Online suspicious activity reports (SARs) with FinCEN, the US Treas. anti-money laundering unit.
LINK:http://www.accessatlanta.com/ajc/epaper/editions/today/business_d3
f5126137e2b1f500ac.html
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SOUTH AFRICAN TAXES KILL FOREIGN INVESTMENT
JOHANNESBURG. System drives away badly need offshore investors.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=9098
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AUSTRALIAN INVESTORS HIT BY OFFSHORE SCAMS
SYDNEY. Investors scammed out of A$500 million over 3 years.
LINK:http://www.thecouriermail.news.com.au/common/story_page/
0,5936,4922614%5E421,00.html
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* PRIVACY & RIGHTS *
GOVERNMENT PLANS TO READ BRAIN WAVES
Airport security screeners may try to read the minds of airplane passengers by using electronic brain scanners.
LINK: http://www.washtimes.com/national/20020817-704732.htm
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