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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Privacy & Prosperity in the Offshore World
Tuesday, August 26, 2003 - Vol. 5 No. 100
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In This Issue:
* COMMENT: Due Process
* OFFSHORE: Hong Kong Recovery; Yuan Center; Chinese Cash, Mutual Funds.
Singapore Ready. South African Amnesty Numbers. Danish Black Market.
Bermuda Butterfeld Bank Buying Spree. Divided Naional Loyalties.
* WEALTH: The Clinton IRS Lives On. Euro Slide. Art as Investment.
Irish Bettors Favor Arnold, a Conservative Investor.
* PRIVACY & RIGHTS: Ashcroft's Phony Road Show. PATRIOT Act Alternative.
New US Entry Requirements for UK Passport Holders.
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COMMENT: Due Process
Dear A-Letter Reader:
It's a very old, and very important legal concept -- due process of law.
For Americans it is guaranteed in the 5th Amendment which states "no person shall be deprived of life, liberty, or property, without due process of law." Fundamental to procedural due process is adequate notice prior to deprivation of one's life, liberty, or property, and an opportunity to be heard and defend those rights.
While this American right arguably applies mainly to US persons, what are we to make of the Bush administration's arbitrary designation of various persons as criminals and/or "terrorists" without any findings of a court of law, without any indictments or trials?
This unconstitutional usurpation of judicial powers came to the fore again last week. The US government now plans to seize financial assets allegedly laundered into US banks by foreign leaders whom some US government bureaucrat suspects of public corruption. Funds belonging to an accused former president of Nicaragua are the first targets for this new sort of US seizure, although he has not been convicted of any crime.
A few days ago, news reports said that EU officials are unhappy with Pres. Bush's call to freeze the assets of four European charities he claims are financing Palestinian terrorist. None of these charities have been convicted of any crimes, and several have been investigated by European governments and cleared.
In June we noted a NY Times report that the US Justice Dept. in secret had begun using counter terrorism powers to seize millions of dollars from foreign banks that do business in the US. According to one official, "the seizures have involved fraud and money laundering investigations that are unrelated to terrorism."
In each case government is using Draconian powers granted in the USA PATRIOT Act, supposedly to fight terrorism. So add to "terrorism" money laundering and now alleged foreign corruption. And just where will all this stop?
In each case the normal due process of US courts is replaced by some faceless bureaucrats who decide whose funds will be grabbed, based on secret investigations (if any). We are supposed to accept a government press release in lieu of a jury trial and a court decision.
And yet the "news" media covers all this as if it were the weather report. No questions asked, no discussion of the shredding of the very important legal protection of due process.
Question: on whose door will the knock come next?
That's the way that it looks from here.
BOB BAUMAN, Editor
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COMMENT LINKS:
* U.S. Wants Foreign Leaders' Laundered Assets.
LINK: http://www.nytimes.com/2003/08/23/politics/23CORR.html
* Europe Reacts Coolly to Bush's Call to Freeze Charities' Assets. LINK:
http://www.nytimes.com/2003/08/24/international/europe/24HAMA.html
* EU unlikely to follow US curb on Hamas fundraising. LINK:
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1059479275408
* U.S. Begins to Seize Millions in Foreign Banks. NY Times.
LINK: http://www.nytimes.com/2003/05/30/national/30PATR.html
* PATRIOT Forfeitures Reach Beyond Terror Targets. News-Max.
LINK: http://www.newsmax.com/archives/articles/2003/5/30/204945.shtml
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* OFFSHORE *
HONG KONG MAKES COMEBACK
* Near full recovery from recession seen in 2004. LINK:
http://www.thestandard.com.hk/thestandard/news_detail_frame.cfm?articleid=41341&intcatid=1
* Mainland Chinese with cash flock to buy in Hong Kong. LINK:
http://www.arabtimesonline.com/arabtimes/business/Viewdet.asp?ID=873&cat=j
* Offshore yuan trade may fuel currency speculation. LINK:
http://www.forbes.com/business/newswire/2003/08/22/rtr1064264.html
* 17 new offshore mutual funds to open in Hong Kong. LINK:
http://www.thestandard.com.hk/thestandard/news_detail_frame.cfm?articleid=41355&intcatid=1
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SINGAPORE GETS READY FOR EUROPEAN CASH
Global banks expand here anticipating $1 trillion in offshore
assets now in Europe may be looking for a new home. LINK:
http://www.gulf-daily-news.com/arc_Articles.asp?Article=59760&Sn=BUSI&IssueID=26156
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SOUTH AFRICAN OFFSHORE TAX AMNESTY
JOHANNESBURG: Has it failed? No numbers available. LINK:
http://www.sundaytimes.co.za/zones/sundaytimes/business/business1061788239.asp
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DANES ARE BLACK MARKET CHAMPIONS
COPENHAGEN: 20% of economy operates in the black market.
LINK: http://cphpost.sites.itera.dk/default.asp?id=33457
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BERMUDA BANK IN BUYING SPREE
HAMILTON: Bank Butterfield buys up banks in BAHAMAS, BARBADOS.
LINKS: http://www.nationnews.com/StoryView.cfm?Record=41463&Section=LO
http://www.theroyalgazette.com/apps/pbcs.dll/article?AID=/20030825/NEWS/108250024
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LOYALTY TO MORE THAN ONE NATION
Is that possible? To whom is owed first loyalty?
LINK: http://www.charlotte.com/mld/observer/news/6611770.htm
* BELGIAN expats may get nationality rights from Brussels. LINK:
http://www.expatica.com/belgium.asp?pad=88,89,&item_id=33711
* AUSTRALIAN expats fight for rights; 1 million live abroad. LINK:
http://www.theaustralian.news.com.au/common/story_page/0,5744,7058273%255E2703,00.html
* Private medical insurance for expats becoming more popular. LINK:
http://www.telegraph.co.uk/global/main.jhtml?xml=/global/2003/08/18/helth18.xml&sSheet=/global/2003/08/22/home.html
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* Click here for more about dual citizenship, 2nd passports.
LINK: http://www.agora-inc.com/reports/190SGOPS/W190CB47/
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* WEALTH *
WHO'S IN CHARGE AT THE I.R.S.? BUSH OR CLINTON?
IRS taxocrats keep on pushing dangerous Clinton reporting plan.
LINK: http://www.iofc.net/amsgroup/story.asp?storyname=13001
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EURO CONTINUES SLIDE AGAINST U.S. DOLLAR
Stronger US economy growth dims EU currency future.
LINK: http://news.bbc.co.uk/2/hi/business/3174153.stm
* Europe could lose ?10 billion in capital under Basel rules. LINK:
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1059479267392
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FINE ART AS AN INVESTMENT VEHICLE
Since 1952 paintings have done better than the S&P Index. LINK:
http://www.economist.com/finance/displayStory.cfm?story_id=2008476
* Being Rich In America Requires A Game Plan.
LINK: http://www.usatoday.com/money/books/2003-08-24-rich_x.htm
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IRISH OFFSHORE BETTORS FAVOR ARNOLD
DUBLIN: 7-5 that Arnie will be next governor of California. LINK:
http://breakingnews.iol.ie/entertainment/story.asp?j=78146434&p=78y47y4x
* Schwarzenegger not as daring in investing as in films. LINK:
http://www.oaklandtribune.com/Stories/0,1413,82~1865~1589178,00.html
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* PRIVACY & RIGHTS *
ASHCROFT TAKES PATRIOT ACT DEFENSE ON THE ROAD
Makes you wonder if he's talking about the same law. LINK:
http://www.townhall.com/columnists/jacobsullum/js20030822.shtml
* Ashcroft's Lack Of Credibility.
LINK: http://reese.king-online.com/Reese_20030825/index.php
* PATRIOT Act limits proposed in US Congress.
LINK: http://www.aapsonline.org/confiden/patriotrevise.htm
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U.K. PASSPORTS HOLDERS NEW U.S. ENTRY REQUIREMENTS
The rules change as of October 1st. Better check now.
LINKS: http://www.ukps.gov.uk/news/news.asp?intElement=589
http://www.usembassy.org.uk/cons_web/visa/niv/mrp.htm
* US passports, visas to add high-tech identity features.
LINK: http://www.nytimes.com/2003/08/24/national/24IDEN.html
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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER. *
Bob Bauman, Editor. * SUBSCRIBE FREE or send to a friend at
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