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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Prosperity & Privacy in the Offshore World
Friday, November 8, 2002 - Vol. 4 No. 117
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In This Issue:
* COMMENT: The Remnant
* OFFSHORE: US Election Impacts Offshore. EU Tax Amnesty? Gibraltar Votes. Israeli Funds Freeze. Canada SARs. Bahamas Revenue Down. Barbados Taxes. Australian Money Laundering. Labuan Trusts Up.
* WEALTH: Life Insurance Wrappers in IRS Tax Trouble. Offshore Funds Boom. Tax Evasion Indictments. Black Markets Grow. Phony Pricing.
* PRIVACY & RIGHTS: Liberty Concerns Grow. Domestic Spy Agency. Is the Christian Right Blind? RSA Snoop Law. Lords & Liberty.
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•COMMENT: The Remnant
Dear A-Letter Reader:
Writing in the year I was born, the late Albert Jay Nock, possessed of an extraordinary mind and a thoughtful libertarian philosophy, published a short essay which speaks to us again today.
Nock's writing was called to my attention many years ago by the late US Rep. Don Bruce of Indianapolis, an early voice for conservatism in America in those dark pre-Goldwater, pre-Reagan days when liberalism was dominant and Communism seemed invincible to many.
Entitled 'Isaiah's Job,' Nock described a small number of friends of liberty he called 'the Remnant,' whom he hoped would somehow keep the ideals of freedom alive, even when all seemed lost.
Nock wrote at a time when socialist, communist, Nazi and other collectivist governments dominated much of the world. He was deeply pessimistic, yet he expressed confidence about an inevitable triumph for the ideals of liberty.
Some, like myself, who are concerned mightily about the direction of government, would like to cheer the outcome of the American off year elections just ended. Things may get better marginally, we hope, with the tripartite branches of government in the hands of nominal conservatives.
May be yes; maybe no.
You know deep concern about the Bush administration in areas such as financial privacy, due process, equal protection of the laws and excessive taxation. With a Republican Congress, the President has the opportunity to right these wrongs. But his legislative majorities may also be abused to expand policies that have harmed liberty and freedom. As part of that Remnant about which Nock wrote, we have an obligation to remind the world of the bedrock principles politicians have abandoned.
That's the way that it looks from here.
Faithfully yours, Bob Bauman, Editor
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COMMENT LINKS:
* "Isaiah's Job" by Albert Jay Nock (1937).
LINK: http://www.libertystory.net/LSDOCNOCKISAIAHSJOB.htm
* White House basks in historic triumph. Financial Times. LINK:
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/
FullStory&c=StoryFT&cid=1035873053121
* Voters Set Republicans Loose on the World. The Village Voice.
LINK: http://www.villagevoice.com/issues/0245/ridgeway2.php
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* OFFSHORE *
U.S. ELECTIONS IMPACT OFFSHORE FINANCIAL WORLD
Dan Mitchell of the Heritage Foundation predicts Republican control of US Congress will ease pressure on the offshore financial world. Anti-offshore Democrats out; pro-tax competition in. LINK: http://www.freedomandprosperity.org/memos/m11-07-02/m11-07-02.shtml
* Dan Mitchell on the developing 'European cult of multilateralism.'
LINK: http://www.washtimes.com/commentary/20021107-15891175.htm
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E.U. DESPERATION: ANTI-SWISS TAX AMNESTY PROPOSED
Last ditch attempt to force expatriate funds from secret Swiss accounts.
LINKS: http://www.tax-news.com/asp/story/story.asp?storyname=9912
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/
FullStory&c=StoryFT&cid=1035873025794
* The Swiss insurance business, always rock solid, is not any more.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=9920
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GIBRALTAR VOTE EMBARRASSES COLONIAL MASTERS
Thursday's vote overwhelming for continued British control. LINKS:
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/
FullStory&c=StoryFT&cid=1035873060163
http://quote.bloomberg.com/fgcgi.cgi?ptitle=Top World News&
s1=blk&tp=ad_topright_topworld&T=markets_box.
ht&s2=ad_right1_windex&bt=ad_position1_windex&box=ad_box_all&tag
=worldnews&middle=ad_frame2_windex&s=APcoMZhSxR2licmFs
http://www.tax-news.com/asp/story/story.asp?storyname=9904
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U.S. FREEZES ISRAELI BANK MILLIONS AT J.P. MORGAN CHASE
NEW YORK: Fraud suspected in Israeli accounts at JP Morgan. LINK:
http://www.globes.co.il/serveen/globes/docview.asp?did=632783&fid=942
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CANADA FREEZES $100 MILLION; 4,000 SARs IN 5 MONTHS
OTTAWA: FINTRAC files first report on suspicious activity reports;
millions grabbed by anti-money laundering agency, LINKS:
http://www.investmentexecutive.com/client/en/News/DetailNews.asp?
Id=17682&IdSection=8&cat=8
http://www.nationalpost.com/national/story.html?i
d={EEE19D84-193D-44FE-9EC6-7A20E2B0D2E2}
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* BAHAMAS tax revenues show major drop; budget deficit grows.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=9925
* BARBADOS tax reforms may hurt offshore corporate sector.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=9905
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* AUSTRALIA steps up anti-money laundering pressure.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=9909
* LABUAN, Malaysia haven boosts 18 trust companies, new banks. LINK:
http://www.bernama.com.my/B2002/news_business.shtml?
business/bu0711_12
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LINK: http://www.agora-inc.com/reports/120SPVOM/W120CBS2/
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* WEALTH *
HEDGE FUND INVESTORS MAY FACE BACK TAXES
WASHINGTON: IRS private ruling calls into question life insurance wrappers said to be 'tax free.' SEC also investigating hedge funds.
LINKS: http://search.ft.com/search/article.html?id=021106001071
http://www.tax-news.com/asp/story/story.asp?storyname=9927
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OFFSHORE INVESTMENT FUNDS BOOMING
Tax haven equity funds show big increases; up 35% in Ireland.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=9910
* Fitzrovia Research latest information on offshore funds growth.
LINK: http://www.fitzrovia.com/news2a.htm
* Annuities get more complex and expensive. LINK:
http://www.reuters.co.uk/newsPackageArticle.jhtml?type=person
alFinanceNews&storyID=171316
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INDICTMENTS FOR OFFSHORE TAX EVASION
DENVER, Colorado: Use of secret accounts in Turks and Caicos. LINK:
http://denver.bizjournals.com/denver/stories/2002/11/04/daily28.html
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BLACK MARKET ECONOMIES GROW WORLDWIDE
Average shadow economy 16.7% of GDP in major nations; 38% in developing nations.
LINKS: http://www.ncpa.org/iss/int/2002/pd110502e.html
http://papers.ssrn.com/sol3/delivery.cfm/SSRN_ID320083_code0
20729590.pdf?abstractid=320083
* British red tape strangling UK small business.
LINK: http://news.bbc.co.uk/1/hi/business/2393735.stm
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PHONY EXPORT-IMPORT PRICES EVADE TAXES
Report claims false prices hide import-export profits from IRS. LINK:
http://www.washingtonpost.com/wp-dyn/articles/A48819-2002Oct31.html
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FAMILY LOANS HAVE U.S TAX IMPLICATIONS
Simple rules to avoid loans to relatives causing more taxes. LINK:
http://www.usatoday.com/money/perfi/columnist/block/2002-11-0
4-family-loans_x.htm
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* PRIVACY & RIGHTS *
AMERICANS QUESTION GROWING GOVERNMENT POWERS
Sharp questions about government intrusions in private lives.
LINK: http://www.free-market.net/spotlight/libertyreturns/
* US may create domestic spy agency. LINK:
http://www.telegraph.co.uk/news/main.jhtml?xml=/news/2002/
10/31/wfbi31.xml/
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CHRISTIAN RIGHT BLIND TO PATRIOT ACT THREAT?
True conservatives fight government civil liberties violations. LINK:
http://www.worldnetdaily.com/news/article.asp?ARTICLE_ID=29537
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SOUTH AFRICAN SNOOP LAW OKed
CAPE TOWN: New law allows secret police monitoring of telephone
calls and e-mails. Back to apartheid police tactics? LINK:
http://www.nytimes.com/aponline/international/AP-South-Africa
-Snooping-Law.html
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BRITISH HOUSE OF LORDS DEFENDS LIBERTIES
LONDON: Left and right join to oppose Labour backed change. LINK:
http://www.guardian.co.uk/guardianpolitics/story/0,3605,834965,00.html
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