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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Prosperity & Privacy in the Offshore World
Friday, November 22, 2002 - Vol. 4 No. 123
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In This Issue:
* COMMENT: This Is Freedom?
* OFFSHORE: Liechtenstein Down. Monaco Mystery. Swiss-EU Talks. Manx Changes. EU-Jersey. AIB Trust. London Orders Cayman. Bahamas Banks. South African Mistake. NASA Tax Haven on the Moon?
* WEALTH: Nigeria Sanctions. Irish Taxes. Islamic Finance. Hedge Funds
Off. USA Pat Act Impact. US Tax Shelter Rules. Taxes Drive Offshore.
* PRIVACY & RIGHTS: Pentagon On Defense. Homeland Kills Freedoms.
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* ADVERTISEMENT *
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* Michael Farrell, age 50, received $1.675 million last year. The year before he got $400,000.
* Jennifer Stevens, 31, pocketed $391,000 last year alone, from the same source.
* Joseph Galligan, 43, received $31,200 last year as part of the same deal. If you qualify, you can start receiving payments almost immediately, no matter what your situation. This bureaucratic loophole won't stay open forever. Go here for complete details:
LINK: http://www.agora-inc.com/reports/TRW/WTRWCA15/
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COMMENT: This Is Freedom?
Dear A-Letter Reader: Some odds & ends--
* STRANGE FREEDOM RATINGS
Last Friday I commented about the fallacy of so-called 'freedom index' ratings that give high points to places such as Hong Kong and Singapore. My question was why these undemocratic, semi-dictatorships should be considered at all if true liberty is the measure. Well, although I didn't know it, Sovereign Society Council of Experts
member, Canadian Pierre LEMIEUX, did an excellent job of exposing these ratings in a recent column in the National Post. Prof. Lemieux demolishes these pretentious, short sighted indexes for what they are. I recommend you give his well considered views a careful read.
* LINK: http://www.pierrelemieux.org/artindex.html
* See also HONG KONG: RICH OR POOR? Forbes. LINK:
http://www.forbes.com/markets/newswire/2002/11/21/rtr801533.html
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* GORED
I served with him as a colleague in the US House of Representatives and almost never found myself in agreement with AL GORE, but yesterday I got a surprise. The NY Times quotes the would be US president as saying the Bush government had undertaken the "most systematic invasion of privacy of every American citizen that has ever been taken in this country" including expanded use of wiretapping and secret court proceedings in the war on terrorism. The former VP also said: "We have always held out the shibboleth of Big Brother as a nightmarish vision of the future that we're going to avoid at all costs. They have now taken the most fateful step in the direction of that Big Brother nightmare that any president has ever allowed to occur." I'm pleased to agree with you, Al, but do you really mean it?
* LINK: http://www.nytimes.com/2002/11/21/politics/21GORE.html
* Control freaks are winning the financial privacy battle. LINK:
http://www.bayarea.com/mld/mercurynews/business/4562065.htm
* Welcome to the Police State; shut up and do as you're told. LINK:
http://members.surfbest.net/samizdat@surfbest.net/policestate.htm
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* CAN ANTI-MONEY LAUNDERING BE A CRIME?
I found this story in a San Diego newspaper, but it's the kind of thing you need to know. A good employee wrongly arrested by the FBI due to the bank's mistake has just won a $1.15 million award after a finding that Wells Fargo had made the mistake that led to her arrest. The issue was the mistaken non-filing of a cash transfer report. Read this story as an example of how the anti-money laundering frenzy has turned bankers not only into government spies, but subservient toadies who kowtow in fright before the FBI. LINK: http://www.signonsandiego.com/news/business/20021119-9999_1
b19wells.html
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And for an eye-opening account of the huge added cost of anti-money laundering laws, and the very little these laws achieve, be sure to read OffshoreOn.com's extensive account of billions spent to no good purpose, Report: 'Money Laundering is a Growth Industry'.
LINK:
http://www.offshoreon.com/articles/3687.asp?docid=3687
That's the way that it looks from here.
BOB BAUMAN, Editor
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* OFFSHORE *
LIECHTENSTEIN ECONOMY HITS BOTTOM
VADUZ: And locals see no upturn in sight; but the Principality has a new embassy and ambassador in Washington, DC.
LINKS: http://www.tax-news.com/asp/story/story.asp?storyname=10047
http://www.washtimes.com/world/20021121-84213864.htm
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MYSTERY IN MONACO
US nurse on trial for fire death of billionaire reclusive banker. LINKS:
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT
/FullStory&c=StoryFT&cid=1035873499424
http://www.alertnet.org/thenews/newsdesk/L21549536
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UPDATE: SWISS-E.U. TALKS ON TAXES
Stalemate continues in European Union talks.
LINK: http://www.offshoreon.com/articles/3760.asp?docid=3760
* Swiss secrecy protects accounts from Spanish HSBC probe. LINK:
http://money.telegraph.co.uk/money/main.jhtml?xml=/money/2002/11/21/
cnhsbc21.xml&sSheet=/money/2002/11/21/ixcity.html
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ISLE OF MAN SAILS WITH THE WINDS OF CHANGE
DOUGLAS: Adaptability is hallmark of successful tax haven. LINK:
http://www.bday.co.za/bday/content/direct/1,3523,1229800-6078-0,00.html
* JERSEY gets (too?) cozy with the European Union.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=10048
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ANGLO-IRISH BANK BUYS MANX TRUST COMPANY
Anglo Irish Trust (IOM) Ltd acquires E&Y trust operation; AIB provides Convenient Accounts for Sovereign Society members.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=10065
For further information on our convenient account program please
click here.
LINK: http://www.agora-inc.com/reports/SVS/WSVSCB12/
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U.K. LABOUR MAY TELL CAYMAN WHAT TO DO
LONDON: Labour may order Cayman Islands to accept EU tax directive rules, destroying CI financial privacy; Orders in Council possible.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=10046
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BAHAMAS PRIVATE BANKING IN TROUBLE
NASSAU: Government warned not to appease OECD, US. LINK:
http://www.thenassauguardian.com/business/278531214145404.php
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SOUTH AFRICAN GOVERNMENT SUICIDAL?
PRETORIA: Exchange controls, foreign investment restrictions, faltering rand; now dual passport hassles; does this nation want to implode?
LINK: http://iafrica.com/news/sa/188421.htm
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U.S. SPACE PROGRAM HIDDEN AGENDA?
NASA's plan; the moon's destiny as a tax haven for the mega-wealthy.
LINK: http://www.edinburghnews.com/business.cfm?id=1290172002
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* WEALTH *
U.S. THREATENS BANKING SANCTIONS AGAINST NIGERIA
LAGOS: Stop the fraud and money laundering or face US sanctions. LINK:
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/
FullStory&c=StoryFT&cid=1035873486538
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IRISH TAX COLLECTORS GETTING SERIOUS
DUBLIN: Seeking tax information exchange agreements with the Isle of Man and the Channel Islands to catch tax evasion.
LINK: http://www.rte.ie/news/2002/1120/revenue.html
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ISLAMIC FINANCE GROWING
Increase of 15% annually in Islamic bond issues, banking. LINK:
http://www.bernama.com.my/B2002/news_business.shtml?busines
s/bu2011_17
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HEDGE FUND FAILURES WAY UP LONDON: Hedge fund failures soar to 13% so far this year. LINK:
http://business-times.asia1.com.sg/news/story/0,2276,64466,00.html
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USA PATRIOT ACT PUTS FINANCIAL ADVISORS IN LIMBO
16,000 state registered financial advisors are left in the dark. LINK:
http://www.institutionalinvestoronline.com/iiochannel/banking/200
21119000600.htm
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U.S TREASURY'S NEW RULES ON ABUSIVE TAX SHELTERS
OffshoreOn.com gives a helpful account of the new disclosure rules, plus LINKS to pdf copies of the rules and related documents.
LINK: http://www.offshoreon.com/articles/3779.asp?docid=3779
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STUDY: U.S. TAXES DRIVE CORPORATIONS OFFSHORE
World income tax, US tax code quirks drive companies away from US. LINK: http://www.offshoreon.com/articles/3778.asp?docid=3778
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* PRIVACY & RIGHTS *
PENTAGON T.I.A. PLAN DRAWS FIRE
Civil liberties concerns grow; military denies 'Big Brother' charges.
LINKS: http://www.cnn.com/2002/US/11/20/terror.tracking/index.html
http://www.newsday.com/news/nationworld/nation/ny-uspeek213012803nov
21,0,5114205.story?coll=ny-nationalnews-headlines
* U.S. government's ultimate database run by a felon.
LINK: http://www.theregister.co.uk/content/6/28107.html
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HOMELAND SECURITY IMPACTS YOUR LIFE
New security law to pervade daily lives; destroy privacy.
LINK: http://www.csmonitor.com/2002/1121/p01s03-usju.html
* More Internet eavesdropping planned.
LINKS: http://zdnet.com.com/2100-1105-965750.html
http://www.tribnet.com/24hour/technology/story/628464p-4811273c.html
* Secret history of FBI surveillance; legal and illegal.
LINKS: http://www.foxnews.com/story/0,2933,71011,00.html
http://story.news.yahoo.com/news?tmpl=story2&cid=519&u=/ap/2002112
0/ap_on_re_us/domestic_spies_1&printer=1
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