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07.03.01. Wither Offshore Havens. A-Letter.
THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Prosperity & Privacy in the Offshore World
Tuesday, July 3, 2001 - Vol. 3 No. 52
In This Issue:
* COMMENT: Wither Offshore Tax Havens?
* OFFSHORE: French Corruption. Transparency International. FATF Fallout - Hungary & the Philippines. Swiss Citizenship & Dirty Cash. Monaco Clean Up. Hong Kong, Caymans Status. St. Vincent Citizenship?
* WEALTH: IRS Foreign Tax Reporting May Die. Asia Private Banking Boom. Canada Tax Freedom. Italy Tax Cuts. Brits & the Euro. Hot Hedge Funds. US Estate Tax Facts. Bank 'Debenture' Frauds.
COMMENT: Wither Offshore Tax Havens?
by Bob Bauman, Editor
Unless you keep on top of daily events, it's difficult to understand what is happening in the offshore world. With few exceptions, even financial publications such as the Wall Street Journal ignore tax havens and related activities worldwide.
That's why it's particularly pleasing to read an excellent, in-depth summary of current tax haven events published in the Sun Sentinel of Fort Lauderdale, Florida by financial reporter Antonio Fins. In a Sunday (July 1) article Fins accurately describes the wary mood of tax haven government officials and offshore bankers, despite defeat of the OECD high tax campaign and removal of a few havens from the FATF money laundering blacklist.
Says he: "From South Florida to the Bahamas and beyond, bankers, tax attorneys, public policy advocates and investment advisers remain uneasy." He correctly assesses "the current dilemma for the offshore havens" as they struggle "to walk a tight line that placates clients demanding secrecy while also trying to comply with regulators demanding transparency."
His article is a must read at LINK: Click Here.
Writing in the Miami Herald (June 29), Greg Fields also gives a revealing account of what the OECD has in store to impose its international tax "transparency" plans and exchange of financial information, based on his Paris OECD sources.
LINK: http://www.miami.com/herald/content/business/digdocs/103380.htm
As Andrew QUINLAN of the Center for Freedom and Prosperity points out, the offshore financial freedom battle is far from over, in spite of having won significant victories against imposition of world wide high taxes as proposed by the OECD and the G-7 nations, minus the US under Pres. George BUSH. LINK:
http://www.tax-news.com/asp/story/story.asp?storyname=4247
And on July 4th, Independence Day eve, OECD take note as Bill SAFIRE writes of the importance of national sovereignty, then and now.
LINK: http://www.nytimes.com/2001/07/02/opinion/02SAFI.html
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* OFFSHORE *
FRENCH CORRUPTION SCANDALS
We have commented before on the inherent hypocrisy of French demagogues who use tax havens as a political punching bag. French Socialist regularly blast neighboring SWITZERLAND, MONACO and LUXEMBOURG, alleging them to be centers for dirty money laundering and tax evasion. The Paris based OECD has led the anti-haven attacks, of course, along with its spawn, the FATF.
But once again la belle France exposes itself. "France, riven by money laundering and graft scandals reaching to the highest levels of government, is one of the most corrupt of all developed countries, according to a new international study."
LINK: http://www.observer.co.uk/international/story/0,6903,515169,00.html
And its highest officials have used a secret annual $50 million slush fund to line their pockets and pay off political debts.
LINKS: http://www.nytimes.com/2001/07/01/world/01FRAN.html
http://www.tax-news.com/asp/story/story.asp?storyname=4262
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TRANSPARENCY INTERNATIONAL
Finland, Denmark and New Zealand were ranked as the cleanest countries, and it was bad news for Europe, as the UK ranked 13th, Germany 20th, and France 23rd.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=4238
For more on the level of corruption in 91 rated nations, see the latest rankings at,
LINK: http://www.transparency.org/documents/cpi/2001/cpi2001.html
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F.A.T.F. FALLOUT
Following the latest blacklisting of alleged dirty money tolerant nations, HUNGARY is the only European nation on the list.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=4243
And one of the 3 "worst" FATF listed nations, the PHILIPPINES, is rushing new laws into place to get off that blacklist.
LINK: http://www.inquirer.net/brk/2001/jul/02/brkpol_1-1.htm
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SWISS CITIZENSHIP RULES MAY EASE
Parliament will consider easing restrictions on granting residents citizenship, but voterS must approve in a referendum.
LINK: Click Here.
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SWISS LAX ON DIRTY MONEY?
The ex-head of the Swiss anti-ML agency knocks the government for lax enforcement.
LINK: http://www.swissinfo.org/sen/Swissinfo.html?siteSect=111&sid=741064
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MONACO CLEAN UP
With $48bn in 44 banks, the principality cleans up its image.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=4283
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HONG KONG UPDATE
While Hong Kong is still rolling in cash...
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=4249
...the people of the former UK colony feel no more attached to CHINA than they did to Britain.
LINK: Click Here.
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CAYMAN ISLANDS STATUS
GEORGETOWN, C.I. New IBC incorporations are down 33% from last year, but only a few banks have folded.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=4250
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ST. VINCENT CITIZENSHIP
We're checking a report that St. Vincent & the Grenadines has ended its economic citizenship program, 1 of only 4 still available, along with GRENADA, ST. KITTS and BELIZE.
LINK: Click Here.
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* WEALTH *
I.R.S. NON-RESIDENT RULES MAY DIE
WASHINGTON. Last Friday we told you about growing opposition to IRS proposals that US banks be forced report to foreign tax collectors nterest payments made to non-US residents.
LINK: http://www.freedomandprosperity.org/Articles/bna06-22-01/bna06-22-01.shtml
Yesterday the Wall Street Journal reported that direct intervention by BUSH White House economic guru Lawrence LINDSEY may kill the rules altogether. US banks could lose billions.
LINK (subscribers only): Click Here.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=4289
ASIAN PRIVATE BANKING BOOM
As countries around the region recover from the late 1990s' slump, Asia's private wealth grows and private banks are expanding. Interesting report from the Far Eastern Economic Review.
LINK: http://www.feer.com/_0107_05/p046money.html
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CANADA TAX FREEDOM DAY
Canada celebrated Tax Freedom Day on Friday, 5 days earlier than it did last year, according to a report released by The Fraser Institute.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=4259
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TAX CUTS IN ITALY
ROME. Prime Minister Silvio BERLUSCONI proposes measures aimed at stimulating the economy, including tax cuts. LINK:
http://www.tax-news.com/asp/story/story.asp?storyname=4248
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BRITS AND THE EURO
LONDON. Single currency accounts for UK residents may be best as the continental euro deadline approaches.
LINK: Click Here.
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HEDGE FUNDS ARE HOT
In a nervous investment environment, nearly $7bn flowed into hedge funds in the first quarter of 2001.
LINK: http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT3N5UA7NOC&liv
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U.S. ESTATE TAX CHANGES
Noted asset protection attorney Gideon ROTHSCHILD explains the complex, contradictory provisions of the US estate tax "repeal."
LINK: http://www.mosessinger.com/resources/estate_alert.shtml
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IRS HITS TAX PROTESTERS
The feel good IRS goes after US tax protesters.
LINK: http://washingtonpost.com/wp-dyn/articles/A2412-2001Jun30.html
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BANK 'DEBENTURES' AGAIN
An expert explains in detail the continuing fraud that is bank debentures. Don't get swindled!
LINK (scroll down): http://www.fraudreport.com/article.cfm?id=126&month=06&year=2001
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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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