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11.02.01. Offshore Banking Changes. A-Letter.
THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Prosperity & Privacy in the Offshore World
Friday, November 2, 2001 - Vol. 3 No. 87
In This Issue:
* COMMENT: How Will Offshore Banking Change?
* OFFSHORE: Bahamas BISX Shaky. Praised Swiss Freeze 24 Accounts. St. Vincent Clean Up. Shanghai vs Hong Kong. Bush: No to OECD Tax.
* WEALTH: Foreign Investors IRS Target. US, Canadian Securities Firms Under the Gun. All About the Islamic Banking System. FATF Emergency Recommendations, 17 Nation Current Blacklist.
* PRIVACY & CIVIL RIGHTS: Hon. Ron Paul Compares Two Wars. Carnivore, High Tech Spying Expands. IDs - "Your papers please!"
COMMENT: How Will Offshore Banking Change?
by Bob Bauman, Editor
The 'USA PATRIOT ACT' Public Law 107-56, signed by Pres. Bush Oct. 26, devotes 125 of its 362 pages to US and offshore banking and finance under the banner of "anti-money laundering." In the wake of the Sept. 11th horror, "anti-terrorism" is the patriotic fig leaf, but, as the fine print makes painfully clear, the real objective is massive expansion of the all purpose prosecutorial crime of money laundering, with tax collection an equal, if unstated, goal. Law in pdf form LINK: Click Here
True, the law shreds financial privacy and creates huge, new US federal police powers over banking and securities firms, but just what impact will it have on offshore banking customers?
Not all that much, seems to be the answer. That's because both US and offshore banks have drastically cleaned up their acts in recent years. In many ways, this law simply codifies practices already in use.
U.S. private banking services for high net worth individuals will change only in that banks will not only want to "know your customer" more fully, but will constantly watch accounts for suspicious activity.
LINK: http://www.iht.com/articles/37439.htm
By extension, US banks will be forced to pressure offshore banks, but reactions will be tempered by foreign financial privacy laws. And stricter US bank regulation will complicate international financial transactions. Greater demands for transparency in the US will prompt foreign banks to seek alternatives to US financing, hurting US banks.
LINK: http://www.wnd.com/news/article.asp?ARTICLE_ID=25134
What can you expect now as a customer of an offshore bank? Many more questions about you, your business, your family, where you got your money, how you use it.
LINK: http://www.iht.com/articles/37428.htm
Banks will insist on knowing identities of their account customers and true names of beneficial owners of trusts and offshore corporations.
LINK: http://www.iht.com/articles/37435.htm
But offshore banking will still offer comparatively far greater privacy and asset protection. Now is the time to consider offshore banking to escape this wanton destruction of financial privacy -- before it is too late. Find out how you can 'go offshore' at -
LINK: http://www.agora-inc.com/reports/SOVS/LSVAL1/
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JOIN US IN CHICAGO NEXT WEDNESDAY evening, NOV. 7! Sovereign Society Freedom Forum at the Westin Michigan Ave. Hotel. Speakers: Peter Zipper, Anglo Irish Bank; Don Hosmer, Royale Energy, Inc. & Bob Meier, veteran financial analyst. Register or learn more; phone Michael Whetstine, conference manager, in the US +1.410.223.2645.
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* OFFSHORE *
BAHAMAS STOCK EXCHANGE NEAR COLLAPSE
NASSAU. Having badly damaged its offshore financial industry with many new restrictions, the government congratulates itself for opposing'terrorism'. Meanwhile, the new Bahamas Stock Exchange is collapsing.
LINKS: http://www.tax-news.com/asp/story/story.asp?storyname=6080 ; http://www.tax-news.com/asp/story/story.asp?storyname=6065
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SWISS ANTI-M.L. POLICY PRAISED
WASHINGTON. Leading Clinton Treasury official says SWITZERLAND is better than the US at fighting dirty money laundering.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=6076
As continuing proof, the Swiss freeze 24 suspect terror accounts.
LINK: http://ap.tbo.com/ap/breaking/MGAN902HHTC.html
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ST. VINCENTS WANTS OFF BLACKLIST
The Caribbean islands tighten financial laws in an effort to escape from the hated FATF blacklist.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=6082
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SHANGHAI CHALLENGES HONG KONG
Both vie for the top financial hub role in CHINA.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=6081
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BUSH SAYS NO TO O.E.C.D. TAX PLANS
As we noted last Tuesday, the Bush administration has restated its opposition to the OECD's phony 'harmful tax competition' campaign.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=6083
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* WEALTH *
FOREIGN INVESTORS IN U.S. UNDER ATTACK
A new report says proposed IRS rules killing US foreign investor privacy could cost the US billions of dollars in foreign savings.
News LINK: http://www.cei.org/PRReader.asp?ID=1672 Full report at: http://www.cei.org/MonoReader.asp?ID=1673
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LAUNDRY FOCUS ON U.S. SECURITIES FIRMS
WASHINGTON. 83% of US brokerages and 60% of mutual funds have no means to identify sources of customers' money, verify identities, or report suspicious activities.
LINK (subscribers only): http://www.americanbanker.com/cgi-bin/read_tagstory?20011031WASH775
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CANADA government regulators are tracking down all citizens with offshore investment accounts of any kind. LINK: Click Here
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WHAT DO YOU KNOW ABOUT ISLAMIC BANKING?
It's in the news, but do you know how very different Islamic banking is from western banking? Interesting facts you need to know. LINK: http://www.iht.com/articles/37434.htm
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EMERGENCY F.A.T.F. MEETING
WASHINGTON. 'Anti-terrorism' was the cry at FATF's urgent meeting this week. But the Paris bureaucrats see a much wider role for their anti-offshore policies disguised as concern about clean money.
LINKS: Click Here ; Click Here
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Interesting account of FATF meeting and plans at -
LINK: Click Here
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FATF Oct. 31 anti-terrorism recommendations in pdf download form at -
LINK: http://www1.oecd.org/fatf/pdf/PR-20011031_en.pdf
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FATF 17 current blacklisted nations. Scroll down to bottom at -
LINK: http://www.chron.com/cs/CDA/printstory.hts/special/terror/front/1109462
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* PRIVACY & CIVIL RIGHTS *
HON. RON PAUL COMPARES TWO WARS
The Texas US congressman hopes the anti-terrorism war will not repeat the damage the 'war' on drugs has done to US liberties and freedom. Amen!
LINK: http://www.counterpunch.org/paul1.html
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HIGH TECH CARNIVORE TO EXPAND SPYING
WASHINGTON. Anti-terrorism is the excuse for all sorts of new high tech invasions of privacy by police at all levels.
LINKS: http://dailynews.yahoo.com/htx/ap/20011028/pl/attacks_tech_tools_1.html ; http://www.foxnews.com/story/0,2933,37578,00.html
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U.S. & U.K. IDENTITY CARD DEBATE RAGES
That favorite of apartheid South Africa, the domestic 'pass' or personal identity paper, thrills bureaucrats and police. "Your papers please!"
LINKS: http://www.thetimes.co.uk/article/0,,2-2001380619,00.html ; http://www.cnn.com/2001/US/10/31/rec.national.id.cards/index.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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