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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Privacy & Prosperity in the Offshore World
Friday, March 7, 2003 - Vol. 5 No. 28
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In This Issue:
* COMMENT: War in the Family.
* OFFSHORE: James Bond, Tax Exile. EU Tax Deal Hits Snag. Un-American Corporations? Much News from: Bermuda, Canada, Mexico, Czech Republic, Hungary, Malta, Israel, South Africa, Mauritius, India, Hong Kong, the Philippines, Nauru.
* WEALTH: No More Almighty $. Where Does the Buck Stop vs. the Euro? War Prosperity Myth. Why Gold? Argentine Hopes. Rich Tax Tip. Nigerian Hotmail. US Control of Offshore Accountants.
* PRIVACY & RIGHTS: TIA vs. Liberties? Torture Terrorists? Canada Biometric IDs. UK Departure Checks. US Seizes Web Domaines.
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COMMENT: Confusion's End.
Dear A-Letter Reader:
It's been a long time since my four children and I had the pleasurable luxury of all gathering around the dinner table for a discussion. More than a quarter of a century ago when they were young enough to dine athome, I often was out saving the world (I thought then) as a public official, and so I missed many of those family debates.
But this morning, from 8,000 miles away, where my oldest son, Ted, lives in Cape Town, came one of his frequent e-mails, copied to all his siblings and his parents. "What," Teddy wanted to know, "did we all think as Catholics about the Pope's opposition to the pending war with Iraq?" He posed his question in his usual provocative way (perhaps inherited): Do we stand with the Church or with President Bush?Without getting into the eternal US debate over the proper roles of Church and State, I suspect very many Americans are thinking just now, whether they realize it or not, about the religious doctrine of a "just war" and what it means in our time. I gave son Ted a flip e-mail answer, but knew as I pressed "Send" I was avoiding my own conflicted thoughts. Within an hour my youngest son, Jim, father of two handsome young boys, and a thorough going political conservative, sent us his response from up in Vermont: "While I do believe Iraq's leader to be a genuine threat, I also believe there are other ways to contain and compel him that do not involve the inevitable collateral civilian damage..."
I agreed with Jim, and so e-mailed the family my unneeded concurrence. A few minutes later, my youngest daughter, Victoria, in Florida, added her "two cents" as she termed it: "If I have to decide between JP II and Dubbyah, I definitely pick El Papa, but I do think that at some point war might become inevitable. Who really wants to go to war? I hope no one... hopefully prayer and common sense will prevail and we can avoid war. It's probably a good thing we have put some focus back on our military though, being strong does prevent attack." My eldest daughter, a hard driving Michigan trial attorney, and mother of a darling daughter, was in court today, but informed of my editorial by her attorney husband, John, phoned to say she agreed completely with her brothers ans sister.
No doubt the truth lies somewhere between Aristotle's observation:
"We make war so that we may live in peace," and the US Army's official 1968 statement on the village of Ben Tre, Vietnam: "It became necessary to destroy the town to save it."
During World War II, while my brother was flying as a tail gunner with the US Army Air Corps in Europe, I used to listen to the short-wave radio of my father (who fought in France in WW I). Ed Murrow from London was a favorite, so I'll close with a much later quote from him:
"Anyone who isn't confused doesn't really understand the situation."
Teddy's trans-Atlantic e-mail provocation ended confusion in our family, if not doubts. As war nears, let's all pray God's will be done.
That's the way that it looks from here.
BOB BAUMAN, Editor
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COMMENT LINKS:
* Navigating the OECD 'supertanker'. Financial Times. LINK:
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1045511256192
* Heritage Foundation's Dan Mitchell on the OECD. LINK:
http://www.freedomandprosperity.org/memos/m10-17-01/m10-17-01.shtml
* Organization for Economic Co-operation and Development (OECD) LINK:
http://www.oecd.org/EN/home/0,,EN-home-0-nodirectorate-no-no-no-0,00.html
* OECD Member Nations. LINK:
http://www.oecd.org/EN/countrylist/0,,EN-countrylist-0-nodirectorate-no-no-159-0,00.html
* Financial Action Task Force. LINK: http://www.fatf-gafi.org/
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* OFFSHORE *
NEW ZEALAND PASSPORTS PRIZED BY FRAUDSTERS
AUCKLAND: $60,000 for stolen NZ passport; 12,000 lost annually. LINK;
http://www.nzherald.co.nz/storydisplay.cfm?storyID=3198524&thesection=news&thesubsection=general
* How to obtain a legal second passport; click here.
LINK: http://www.agora-inc.com/reports/190SGOPS/W190CB47/
* Canadian immigrants need visas to cross the US border. LINK:
http://www.thestar.com/NASApp/cs/ContentServer?pagename=thestar/Layout/Article_
Type1&c=Article&cid=1035778424496&call_pageid=968332188492&col=968793972154
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F.A.T.F. DEMANDS END TO PHILIPPINE BANK SECRECY
Lost depositors, harmed economy if privacy law goes. LINK (scroll down):
http://www.mb.com.ph/news.php?art=28460§=1&fname=MN03022728460o.txt
* A lengthy account of ASIAN money laundering activities. LINK:
http://www.manilatimes.net/national/2003/mar/03/opinion/20030303opi5.html
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$13 MILLION SETTLES COOK ISLANDS TRUST CASE
BALTIMORE: US grantors make deal with creditors. LINK:
http://www.sunspot.net/business/bal-bz.bibelot01mar01,0,6899677.story?coll=bal-business-headlines
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AUSTRALIANS OFFER NAURU FINANCIAL RESCUE PLAN
Shady deal would give 50% of government revenues to casino operators.
LINKS: http://www.smh.com.au/articles/2003/02/28/1046407753118.html
http://www.smh.com.au/articles/2003/02/28/1046407753115.html
http://www.goasiapacific.com/location/pacific/GoAsiaPacificLocationPacStorie_796940.htm
* VANUATU chiefs wants island to remain a tax haven.
LINK: http://abc.net.au/ra/newstories/RANewsStories_796960.htm
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ISLE OF MAN CALLS E.U. TAX DEAL "FUDGE"
DOUGLAS: Bell says it's "confused situation, totally illogical."
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=10985
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LUXEMBOURG USED FOR TAX EVASION?
Belgium investigates alleged Allianz AG fraud, tax evasion. LINK:
http://quote.bloomberg.com/fgcgi.cgi?ptitle=Securities Firms News&b1=ad_bottom1&br=blk&tp=ad
_topright&T=wealthstory.ht&s=APl9VLxWRQUdGIFNh
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U.S. LEFTISTS BASH BERMUDA CORPORATIONS
US campaign against offshore HQs steps up. LINKS:
http://www.theroyalgazette.com/apps/pbcs.dll/article?Date=20030228&Category=BUSINESS&ArtNo=102280027&Ref=AR
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1045511262010
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U.S. ANTI-GAMBLING POLITICIANS COST ANTIGUA $30 MILLION
WTO suit filed for US curbs on island's gaming, sports book industry.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=11004
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WORLD'S MOST LIVABLE CITIES
Zurich, Geneva, Vienna top quality-of-life rankings. LINK:
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=APmNhhhS.WnVyaWNo
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* WEALTH *
U.S. TAX SHELTERS RULES FINALIZED
WASHINGTON: Tell the government all if you use a tax shelter.
LINK: http://www.forbes.com/work/newswire/2003/02/27/rtr892985.html
* BRITISH Revenue 'pursuing too few tax evasion cases'. LINK:
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1045511218714
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WHEN YOU USE YOUR CREDIT CARDS OFFSHORE
* Let your credit card company know before you go.
LINK: http://www.nytimes.com/2003/03/02/travel/02prac.html
* Hidden offshore currency expense lurks in credit card bills. LINK:
http://www.nytimes.com/2003/03/02/business/yourmoney/02CRED.html
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* Surprise! Hedge funds can be less volatile than long only funds. LINK:
http://online.wsj.com/barrons/article/0,,SB104647925886067400,00.html
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* New twist on the NIGERIAN scam; phony cashier's checks.
LINKS: http://www.phillyburbs.com/pb-dyn/news/51578.html
http://www.quatloos.com/phpBB2/viewtopic.php?t=58
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RICH AMERICANS FEAR FREE MARKET COMPETITION
Status quo wealthy prefer subsidies, tax goodies; small businessmen
want real competition; dilemma for the Republican Party. LINK:
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1045511260105
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* PRIVACY & RIGHTS *
U.S. WANTS LISTS OF ALL U.S. AIR PASSENGER INFO
TSA proposes database to track all US, foreign airline passengers.
LINKS: http://www.washtimes.com/national/20030226-73777264.htm
http://www.cnn.com/2003/TRAVEL/02/28/airport.security.ap/index.html
http://apnews.excite.com/article/20030228/D7PFBSI00.html
* Cato on the proliferation of personal databases and privacy loss.
LINK: http://www.cato.org/research/articles/crews-030109.html
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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER. *
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