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07.17.01. $10 Million Bank Heist. A-Letter.
THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Prosperity & Privacy in the Offshore World
Tuesday, July 17, 2001 - Vol. 3 No. 56
In This Issue:
* COMMENT: Government's $10 Million Bank Heist
* OFFSHORE: Sen. Levin Smears Again. Irish Eye Manx Cash. Report from Panama. Harris Org List. Antigua Free. Cook Islands Better. US Expats Booted. Sealand as Web Server. Swiss Bankers Speak.
* WEALTH: Brit HNWI's Need Legal Advice. Few Want Big Euro Notes. Offshore Real Estate Dealing. Singapore's Digital Cash. Russia Comes Clean. Nigerian Scam Goes West. IRS Less Wrong.
COMMENT: U.S. GOVERNMENT $10 MILLION BANK HEIST
by Bob Bauman, Editor
That venerable institution of the very wealthy, US TRUST Co. (founded 1853, now owned by Chas. SCHWAB Co.), has been running a slick ad campaign with a theme emphasizing the problems of being rich and having lots of money to manage.
LINK: http://www.nytimes.com/2001/07/15/weekinreview/15HAKI.html
Last week US Trust learned about money management the old fashioned way. They were slapped with a $10 million fine, the largest ever against a domestic American bank. (The Bank of NY, which allegedly laundered $7 billion in Russian dirty money, paid no fine at all). The loot will be split 50/50 by the US Federal Reserve and NY state's banking agency.
LINKS: Click Here and Here and Here.
US Trust ($91 billion under management), neither admitted nor denied wrongdoing. No one lost any money and no fraud occurred. All funds involved were clean, legal cash. So what heinous financial crimes prompted such a severe penalty?
According to the cease and desist order, this was another of those government manufactured crimes of omission. US Trust allegedly failed to comply with anti-money laundering laws requiring reports on cash transfers of more than $10,000 and failed to file suspicious activity reports.
And what was so suspicious that the bank should have notified the feds?
It appears that 60 wealthy clients structured withdrawals from their own accounts aggregating more than $10,000, drawing checks in amounts less than $10,000 on consecutive days, thus avoiding reporting. This could constitute the federal crime of "structuring" and the money police insist, should have triggered reports of suspicious activity by the bank. The account holders are said to be venture capitalists and entrepreneurs who have amassed paper fortunes in stocks of a few companies and wanted to diversify without drawing attention to their trades. Heinous criminal acts indeed!
US Trust and Schwab's true crime in the eyes of the money Gestapo was a failure to play their assigned roles as spies and informers on their clients. And what better way to "send a message" to all US financial institutions than for government bank robbers to hit one of banking's biggies for what amounts to 2% of its last year's profits? Get the message US bankers?
The A-Letter repeats an observation we made last Dec. 12, 2000: "When is this madness to stop? The financial dragnet must end. A continuing and expanded popular resistance holds the key to success."
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COMMENT #2: U.S. CUSTOMS OUTRAGE
NEWARK AIRPORT, N.J. You're about to board your overseas flight when suddenly you're stopped in the jet way by a US Customs "Buck Stop" patrol. Last year these zealous money cops seized more $55.9 million from 1,351 travelers leaving the US. Read more about their outrageous conduct and you'll be as furious as we were.
LINK: http://www.nj.com/news/ledger/index.ssf?/page1/ledger/13d2401.html
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* OFFSHORE *
SENATE ANTI-HAVEN CIRCUS 2nd ACT
WASHINGTON, DC. On Wednesday, July 18, the US Senate Permanent Subcommittee on Investigations (thanks to the switch in party control now headed by left wing Sen. Carl LEVIN [D-Mich]), will orchestrate another phony attack on offshore tax havens plus the Pres. BUSH's rightful abandonment of the OECD's nefarious high tax schemes. US Treas. Sec. Paul O'NEILL will hopefully defend Bush policies, against background music from a handpicked Greek chorus of tax haven critics.
Levin has repeatedly sought headlines with wild charges tarring all tax havens as cesspools of dirty money, tax evasion and crime.
LINKS: http://www.nytimes.com/2001/02/05/business/05LAUN.html
http://www.tax-news.com/asp/story/story.asp?storyname=2102
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IRISH EYE ISLE OF MAN CASH
DUBLIN. Irish tax authorities think millions of pounds have been shipped by local banks to the Isle of Man to avoid taxes.
LINK: Click Here.
And Irishmen are scrambling to unload millions in hoarded punts as the year end euro conversion nears.
LINK: Click Here.
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REPORT FROM PANAMA
PANAMA CITY. Derek SAMBROOK of Trust Services SA brings us up to date on events in PANAMA and Latin America in general.
LINK: http://www.trustserv.com/Letter%20from%20Panama%20-%20Current%20Issue.htm
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HARRIS ORGANIZATION
A list of more than 40 Harris Organization entities that Panama's Banking Superintendent officialy says are not licensed to operate or provide fiduiciary services to clients.
LINK: http://www.superbancos.gob.pa/advisory_harris.htm
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ANTIGUA OUT FROM UNDER
The UK government has finally gotten around to lifting its unjustified 1999 "financial advisory" against ANTIGUA.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=4489
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COOK ISLANDS ECONOMY BETTER
RAROTONGA, C.I. This leading Pacific tax haven, long associated with New Zealand and dependent on foreign aid, is doing better.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=4459
And NEW ZEALAND's leftist government still is considering a wealth tax on homeowners equity.
LINK: Click Here.
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U.S. EXPATS GET THE BOOT
US companies are cutting costs by firing offshore employees.
LINK: Click Here.
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ULTIMATE WEB HOSTING OFFSHORE
"Web Host Industry Review" takes a serious look at SEALAND.
LINK: http://thewhir.com/marketwatch/sealand.cfm
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SWISS BANKERS ASSOCIATION SPEAKS
If you have a Swiss account they may collect and pay your foreign taxes, but they won't tell who you are.
LINK: http://www.swissinfo.org/sen/Swissinfo.html?siteSect=161&sid=755204
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* WEALTH *
WEALTHY BRITS NEED GOOD ADVICE
LONDON. Choosing good legal advisers for UK high net worth individuals is becoming increasingly complex.
LINK: Click Here.
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FEW EURO BIG BUCK SPENDERS
BRUSSELS. A third of EU member countries don't want to distribute large denomination euro bills.
LINK: Click Here.
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HOW TO PROFIT ON OFFSHORE REAL ESTATE
Roger GALLO of Escape Artist fame explains how to make a killing in foreign real estate using foreign currency fluctuations.
LINK: http://www.escapeartist.com/OREQ1/Exchange_Controls.html
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FUTURE OF 'CASH'
SINGAPORE may pioneer in mass distributed digital cash cards for every day expenses.
LINK: http://www.earthtimes.org/jul/oecdconferencebuyingfruitjul14_01.htm
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RUSSIA'S CLEAN CASH
MOSCOW. New anti-money laundering legislation is about to become law as Russia's underground cash hemorrhage continues.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=4469
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NIGERIAN SCAM GOES WEST
The NEVADA attorney general warns the infamous NIGERIAN bank account scam is making the rounds there.
LINK (very slow) Click Here.
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US I.R.S. LESS WRONG
IRS agents give US taxpayers wrong tax advice 73% of the time, an improvement over last year's 81% error rate.
LINK: http://www.nando.net/politics/story/43397p-675433c.html
And the BUSH administration is considering a major reform and simplification of the US Internal Revenue Code.
LINK: http://www.nytimes.com/2001/07/16/politics/16TAX.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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