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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Prosperity & Privacy in the Offshore World
Tuesday, September 10, 2002 - Vol. 4 No. 91
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In This Issue:
* COMMENT: Swiss Sanctions?
* OFFSHORE: Silly Senate. Bahamas IRS. Barbados Benefits. Guernsey Jobs. UK Foreign Office Eccentrics. Korean Losses. FATF Heads.
* WEALTH: Hillary War Tax. 9-ll Cost. Arab Bankers. UK Taxes. Gold.
* PRIVACY & RIGHTS: One Year Later; 2 Views. FBI Snoops.
UN Rights Fears. British Net Privacy Gone.
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* COMMENT: Swiss Sanctions?
Dear A-Letter Reader:
The saying is that a good name is better than riches. Over the centuries for Switzerland, the former has produced the latter.
A survey of private banks a few years ago found the single most important factor in Switzerland's financial success to be its reputation for reliability, privacy and trustworthiness. This reputation has produced accumulation of an amazing 35% of all the world's private wealth in this one tiny nation.
But Switzerland in recent times has been under attack by envious neighbors, those high tax, deficit spending welfare states of Europe.
Last weekend the European Union stepped up its verbal war against the peaceful Swiss with threats to apply "sanctions" against capital movements in and out of Switzerland. Germany, France, Spain and Britain led the attack, demanding that Switzerland end its statutorily mandated financial secrecy. They want information on demand about their citizens who may have Swiss bank or other financial accounts. Only Luxembourg dissented, denouncing the idiocy of an EU "political war against the Swiss."
EU bullies charge that the Swiss are aiding "tax evasion" by allowing financial secrecy. Conveniently ignored by the sanctimonious EU tax collectors is Switzerland's series of procedures and laws that allow lifting the veil of secrecy for legitimate reasons -- including terrorism and money laundering. But tax collection is a civil matter under Swiss law, not a crime. The Swiss have even gone so far as to offer to collect a 35% withholding tax on interest payments to foreigners, but that upsets the UK. The City of London hates any taxes that might set a precedent for taxing their own huge securities markets.
The problem may be the political will of the Swiss government. Ironically, Bern pols are celebrating this week their formal induction into that East River Babel, the United Nations. Touting "an end to isolation," these worthies want previously neutral Switzerland to become more like all the other 191 UN members. God forbid!
Regardless of past history, if Swiss politicians are so stupid as to commit financial suicide, who would want the Swiss to manage their money anyway? If they're unable to leverage a third of the world's offshore wealth to thwart Europe's rapacious tax collectors, they'll deserve every one of the trillions of dollars they will loose.
That's the way that it looks from here.
BOB BAUMAN, Editor
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COMMENT LINKS:
* Swiss may face EU action over banking laws. Financial Times. LINK:
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/
FullStory&c=StoryFT&cid=1031119131264
* EU sanctions threaten Swiss banking secrecy. Swissinfo.com LINK:
http://www.swissinfo.org/sen/Swissinfo.html?siteSect=111&sid=1321977
* Swiss Face Pressure to Loosen Bank Secrecy Laws. Bloomberg. LINK:
http://www.nytimes.com/2002/09/07/business/worldbusiness/07SWIS.html
* Swiss celebrate formal UN entry. Swissinfo.com LINK:
http://www.swissinfo.org/sen/swissinfo.html?siteSect=105&sid=1309673
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* OFFSHORE *
U.S. SENATE CONTINUES ANTI-OFFSHORE TIRADE
Another 'no contract' prohibition gets inserted into a major bill.
LINKS: http://www.macon.com/mld/macon/business/4010793.htm
http://southflorida.bizjournals.com/southflorida/stories/2002/09/02/daily97.html
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BAHAMAS GETS NEW I.R.S. APPROVAL
NASSAU. The IRS gives renewed QI approval to the islands' KYC laws.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=9316
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BARBADOS BENEFITS FROM CANADIAN TREATY
BRIDGETOWN. Island nation gives other havens strong competition.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=9314
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CHANNEL ISLANDS JOB CUTS CONTINUE
Barclays Bank to drop 132 GUERNSEY jobs, as attrition grows.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=9317
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BRITISH FOREIGN OFFICE THINKS GIBRALTAR 'ECCENTRIC'
LONDON: How dare those colonials demand a say in their own future?
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=9302
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KOREAN OFFSHORE LOSSES CLAIMED
SEOUL: Billions of wons said to be lost in offshore investments. LINK:
http://www.korealink.co.kr/kt_biz/200209/t2002090817420343110.htm
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HOW F.A.T.F. DESTROYS FINANCIAL PRIVACY
Monetary expert Richard Rhan exposes the FATF gang. LINK:
http://www.washtimes.com/commentary/20020906-25551064.htm
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* WEALTH *
SENATOR HILLARY SAYS WAR TAX THE RICH
NEW YORK: The Arkansas traveler thinks wars (Iraq, anti-terror)
should be financed by a tax on the very wealthy. LINK:
http://www.newsmax.com/showinsidecover.shtml?a=2002/9/5/122910
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REPORT SAYS 9-11 AFTERMATH COST MULTI-BILLIONS
The economic consequences of Sept. 11, 2001 detailed.
LINK: http://www.arabnews.com/Article.asp?ID=18451
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ARAB BANKERS ADMIT TERROR CASH LAXNESS
MANAMA, Bahrain. They can do more, but claim they're not pro-terror.
LINK: http://www.miami.com/mld/miami/news/politics/4024791.htm
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HIGH U.K. CORPORATE TAXES HURT BUSINESS
LONDON: Bring corporate taxes down; boost income and jobs.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=9313
* 3500 official UK passports have been 'lost' in the mails. LINK:
http://icwales.icnetwork.co.uk/0100news/0200wales/page.cfm?objectid=
12183040&method=full&siteid=50082
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A EULOGY TO GOLD
He likes it; we like it; you like it; we all like gold.
LINK: http://www.lewrockwell.com/watson/watson48.html
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* PRIVACY & RIGHTS *
9/11 ONE YEAR AFTER
Alexander Cockburn has his caustic, yet interesting say!
LINK: http://www.counterpunch.org/cockburn0907.html
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U.S. CIVIL LIBERTIES 9/11 CASUALTY
Are we really defending freedoms or are we losing them?
LINK: http://www.foxnews.com/story/0,2933,62406,00.html
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FBI WANTS YOUR FINANCIAL RECORDS
Commercial databases now used to spy on you. LINK:
http://www.signonsandiego.com/news/uniontrib/tue/news/news_1n3fbidata.html
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U.N. RIGHTS CHIEF FEARS TERROR FIGHT HURTS RIGHTS
Governments trample civil liberties and crush opponents. LINK:
http://www.southam.com/ottawacitizen/newsnow/cpfs/world/020907/w090725.html
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U.K. TERROR LAWS DESTROY NET PRIVACY
British one of world's worst in abuse of Net surveillance.
LINK: http://news.bbc.co.uk/2/hi/technology/2237050.stm
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