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11.06.01. More On Offshore Banking. A-Letter.
THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Prosperity & Privacy in the Offshore World
Tuesday, November 6, 2001 - Vol. 3 No. 88
In This Issue:
* COMMENT: Offshore Banking - Other Views
* OFFSHORE: Bahamas Revenue Way Down. Turks & Caicos Fraud. EU May Kill Gibraltar. Irish Accounts Uproar. Swiss - Campione Residency. Swiss Bank Secrecy. Ignorant NY Daily News.
* WEALTH: Securities Firms Must Crack Down. Paul Hits Fiat Money. UK Lawyers Face Jail. Terror Diamonds for Death.
* MONEY LAUNDERING: Mitchell Comments on FATF Regs. Know Your Customer Again. Jersey, Israel, Russia Clean Ups. Saudi Acts. New Terror List.
* PRIVACY & CIVIL RIGHTS: Big Brother Watches You. Online Privacy. Face Recognition. Customs Mail Search. Possible US Visa Restrictions. Stealth ID Cards. Secret Court gets More Power.
COMMENT: Offshore Banking - Other Views
by Bob Bauman, Editor
In last Friday's A-Letter we commented on what may follow enactment of the new US 'anti-terror, anti-money laundering' law. Below are several interesting views on the same subject.
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David HARDESTY's excellent, detailed explanation of the new USA Patriot law and its likely impact on offshore banking and financial secrecy.
LINK: http://ecommercetax.com/doc/110401.htm
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A convicted money laundering lawyer says the new anti-terrorist cash law wont work; Prudential Financial's head of corporate anti-money laundering compliance says the new law won't stop international terrorism, but it will "scare the hell out of tax evaders."
LINK: http://southflorida.bcentral.com/southflorida/stories/2001/11/05/story2.html
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Barry SPITZ explains why he thinks new anti-secrecy restrictions will change private banking emphasis from secrecy to investment.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=6103
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The Chairman of the Sovereign Society, John PUGSLEY, comments on the nature of the world 'anti-terror war' and its sad implications.
LINK: http://www.dailyreckoning.com/home.cfm?loc=/body_headline.cfm&qs=id=1536
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* OFFSHORE *
NO SURPRISE: BAHAMAS I.B.C. REVENUE DRASTIC DROP
After enacting laws that all but destroyed these islands as an offshore financial haven, Nassau has lost millions in IBC incorporation revenues.
LINKS: http://www.tax-news.com/asp/story/story.asp?storyname=6106 and http://ap.tbo.com/ap/breaking/MGAY95MWITC.html
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ANOTHER OFFSHORE FRAUD
PROVIDENCIALES, Turks & Caicos Islands. A Canadian father and son face charges of a multi-million dollar offshore swindle.
LINKS: http://www.miami.com/herald/content/news/world/digdocs/098496.htm ; Click Here
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E.U. RULING COULD KILL GIBRALTAR HAVEN
The European Union may try to force Gibraltar to end its offshore haven status and force the government into bankruptcy. Does London care?
LINK: http://www.thetimes.co.uk/article/0,,3-2001381151,00.html
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IRISH OFFSHORE ACCOUNTS UPROAR
DUBLIN. Numerous tax evasion investigations continue the chase after Irish owned offshore accounts and possible tax evasion.
LINKS: http://www.tax-news.com/asp/story/story.asp?storyname=6104 ; http://www.tax-news.com/asp/story/story.asp?storyname=6126
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SECOND RESIDENCE: SWISS OR CAMPIONE
Sovereign Society associate Chris KALIN explains the benefits of residency in Switzerland and/or Campione d'Italia.
LINK: http://money.independent.co.uk/property/homes/story.jsp?story=102826 For more information, see LINKS: http://www.henleyglobal.com/switzerland ; http://www.henleyglobal.com/campione
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SWISS SECRECY STAYS
The Swiss economy minister suggests a withholding tax on foreigners' earned interest is better than violating financial privacy.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=6118
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N.Y. DAILY NEWS TOTALLY WRONG ON SWISS BANKING
We share with you an editorial from Monday's NY Daily News which, for its sheer ignorance and misstatement of facts, can't be topped. LINK: http://www.nydailynews.com/2001-11-05/News_and_Views/Opinion/a-130945.asp
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TOKYO. Major Japanese companies avoided 10.4 billion yen in corporate income taxes last by using affiliates set up in foreign tax havens. LINK: http://www.japantoday.com/e/?content=news&cat=3&id=151362
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* WEALTH *
STOCK BROKER, SECURITIES FIRMS CRACK DOWN
US securities firms have almost no anti-money laundering controls; that's about to change drastically. Customers now will be subjected to extensive personal background and financial checks.
LINKS: http://www.iht.com/articles/37853.htm ; http://www.chron.com/cs/CDA/story.hts/business/1117946
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HON. RON PAUL CONDEMNS 'FIAT MONEY'
WASHINGTON. The congressman from Texas explains one of the root causes of the current recession and what should be done about it.
LINK: http://www.house.gov/paul/congrec/congrec2001/cr103101B.htm
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U.K. LAWYERS FACE JAIL
British legal practitioners face up to five years in jail if they don't report to police suspected illegal transactions by clients.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=6099
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DIAMONDS FOR DEATH
OSAMA BIN LADEN's terror network has reaped millions of dollars in the past three years from the illicit sale of diamonds.
LINKS: http://www.washingtonpost.com/wp-dyn/articles/A27281-2001Nov1.html ; http://www.washingtonpost.com/wp-dyn/articles/A45082-2001Nov5.html
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* MONEY LAUNDERING *
FINANCIAL ACTION TASK FORCE
Addressing the new FATF guidelines adopted last week in an emergency meeting, Daniel MITCHELL of the Heritage Foundation asks: "Is this going to work, or are we simply putting a heavy burden on the financial service industry and undermining law abiding people's privacy?"
LINK: Click Here
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The Financial Times thinks strict privacy-detroying "know your customer" policies are the answer to terrorist cash.
LINK: http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT3ATTFYITC
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The Channel island of JERSEY speeds its anti-terror cash campaign.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=6102
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ISRAEL is on FATF's dirty money blacklist but some there think new anti-terror cash rules will help the fight against all terrorism.
LINK: http://www.jpost.com/Editions/2001/11/01/Digital/Digital.37404.html
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RUSSIAN Pres. PUTIN signs a new law creating the nation's agency to counter dirty cash and get off the FATF blacklist.
LINK: http://www.sptimesrussia.com/archive/times/718/news/b_5037.htm
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Almost two months after the Sept. 11 mass murders, the SAUDI ARABIAN government finally gets around to blocking terrorist cash.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=6091
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And the US government adds all major terror groups to its dirty cash hit list.
LINK: http://www.nytimes.com/2001/11/03/international/03TERR.html
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* PRIVACY & CIVIL RIGHTS *
BIG BROTHER IS WATCHING YOU
A chilling, new Cato Institute report: Systematic Federal Surveillance of Americans.
LINK: http://www.cato.org/pubs/briefs/bp-069es.html
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ONLINE PRIVACY PRIMER
An alert A-Letter reader recommends, and so do we, PC Magazine's current series of articles on computer and online privacy at -
LINK: http://www.pcmag.com/article/0,,a=16658,00.asp Of special interest, "9 Steps to Privacy" at LINK: Click Here
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FACE RECOGNITION
Civil liberties groups denounce new face recognition scanners as ineffective and needlessly intrusive.
LINK: http://news.cnet.com/news/0-1005-200-7753504.html?tag=cd_mh
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CUSTOMS MAIL SEARCH
A pending US Congress ill, H.R. 3129,(Sec 144) would let US Customs agents search outbound mail for unreported monetary instruments.
LINK: http://waysandmeans.house.gov/fullcomm/107cong/customs/customsexpl.htm
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U.S. VISA FREE TRAVEL MAY BE RESTRICTED
Visa free travel from 29 nations to the US may be eliminated.
LINK: http://www.sfgate.com/cgi-bin/article.cgi?f=/news/archive/2001/11/02/national1643EST0720.DTL
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STEALTH LAW MAY ALLOW U.S. ID CARDS
The new anti-terror law provision may lead to a national ID card.
LINKS: http://www.newsbytes.com/news/01/171778.html ; http://www.washingtontimes.com/national/20011031-576161.htm ; http://www.cato.org/tech/tk/010928-tk.html
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SECRET U.S. COURT GETS NEW POWERS
Secret meetings, secret decisions, secret searches.
LINK: http://www.nandotimes.com/politics/story/164033p-1563913c.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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