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08.14.01. Resist Wealth Profiling. A-Letter.
THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Prosperity & Privacy in the Offshore World
Tuesday, August 14, 2001 - Vol. 3 No. 64
In This Issue:
* COMMENT: Resistance to IRS Offshore Wealth Profiling. Editorial Agreement on Ashcroft's Blunder. SOVEREIGN SOCIETY MIAMI FORUM!
* OFFSHORE: Bahamas-US Tax Treaty? OECD Mess. Bermuda Loophole. Andorra Border War. Swiss Banker Crimes? Julius Baer Market. WTO's FSC Ruling. US Kids Passports.
* WEALTH: Irish Tax Evasion. Thai Scam. Brunei Fire Sale. Venezuela Land Grabs. Dead Aussie Fugitive. Money Laundering in The City, Buenos Aires, Moscow. Credit Card Scams.
* PRIVACY: Taxpayer Privacy Demand. Armey Battles. ID Theft.
COMMENT: Credit Card Companies Resist IRS Profiling
by Bob Bauman, Editor
In October of last year we reported on the unprecedented IRS fishing expedition allowed by a US District Judge in Miami.
Under the guise of pursuing possible tax evasion, the IRS was granted broad subpoena power for the 1998-99 credit card records of American Express and Master Card holders whose cards were issued by banks in The Bahamas, the Cayman Islands and Antigua. Since the card clearing houses are located in south Florida, the court asserted jurisdiction over the card charge records. For an explanation of what the IRS is seeking, see LINK: http://sanantonio.bcentral.com/sanantonio/stories/2001/02/05/focus2.html
At the time we asked: "Will the credit card companies have the guts to stand up to the government and honor their obligation to protect the privacy of their cardholders?" Our question was posed after the card companies pledged "cooperation" with the IRS.
Now 10 months later it appears, happily, we were wrong. Tax News.com reported on Monday that both AmEx and Master Card have resisted turning over card holder account information to the IRS, and have not done so. It is now possible that the card companies may continue to resist IRS demands, even to the point of appealing any adverse rulings in the courts. LINK: http://www.tax-news.com/asp/story/story.asp?storyname=4885
As we see it, this IRS wholesale demand for thousands of persons' financial records is nothing less than another example of police "profiling." Add this illegal waiver of due process to the insulting racial and ethnic profiling commonly practiced by prejudiced American police. Now we have IRS "offshore" wealth profiling.
The Sovereign Society has and always will advocate complete and full compliance with the tax laws and worldwide income reporting laws of the United States. But the Miami court order was beyond the law. We applaud the credit card companies for their stand.
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EDITORIAL AGREEMENT
The St. Petersburg (Fla) Times agrees with our criticism of US Atty. Gen. Ashcroft's misguided plan to make bulk cash movement a crime. A cover for more cash forfeiture by the federal money police. LINKS: http://www.sptimes.com/News/081301/Opinion/Tainted_money.shtml and http://www.tax-news.com/asp/story/story.asp?storyname=4904
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JOIN US IN MIAMI ON AUGUST 30!
The Sovereign Society holds our Miami Freedom Forum, August 30, 2001, at the Sheraton Biscayne Bay Hotel! Speakers include: Peter Zipper of Anglo Irish Bank; Eric Naimer Roseman of ENR Asset Management, Inc.; Bob Bauman, Editor, The Sovereign Offshore A-Letter. It's your chance to get expert answers to your offshore, privacy & investment questions. To register or learn more, contact The Sovereign Society at +1.888.358.8125 (toll free) or +1.410.895.7921. Hope to see you there!
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* OFFSHORE *
U.S.-BAHAMAS TAX TREATY
WASHINGTON. US Sec. of State Colin POWELL postponed a trip to The Bahamas last week because a tax treaty between the two countries wasn't ready. Depending on it terms, the treaty could spell the end of the islands as a tax haven for US persons. LINKS: http://dailynews.yahoo.com/h/nm/20010809/pl/bahamas_usa_dc_1.html and http://www.tax-news.com/asp/story/story.asp?storyname=4903
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O.E.C.D. IS A MESS
PARIS. Don't take our word for it. The tax haven bullying Organization for Economic Co-operation and Development suffers from cumbersome governance structures and unpredictable cash flows. LINK: Click Here.
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BERMUDA LOOPHOLE WAR
A US insurers association blasts US efforts to block insurance company tax breaks available in Bermuda. LINK: http://www.tax-news.com/asp/story/story.asp?storyname=4884
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ANDORRAN BORDER WAR
High in the Pyrenees, FRANCE and the small tax haven of ANDORRA are fighting over their international boundary. LINK: http://www.tax-news.com/asp/story/story.asp?storyname=4865
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SWISS BANKERS IN TROUBLE
The Swiss Justice Dept. confirms that criminal charges may be brought against bank officials connected with accounts opened by the family of Nigerian dictator ABACHA. LINK: http://futurevantage.com/en/charlie/getitemz.mv?nrec=u20007&sd=
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BEAR MARKET HITS BAER
Bank Julius BAER, the largest Swiss private bank, confirms the global economic downturn, reporting a 45% fall in first half net income. LINK: Click Here
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SAVE FOREIGN SALES CORPS
71 of the largest US companies ask the US government to appeal the WTO ruling against Foreign Sales Corporations (FSC) tax breaks. LINK: http://www.tax-news.com/asp/story/story.asp?storyname=4872
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U.S. KIDS PASSPORTS
Since July 2 the US State Dept. requires written consent from both parents before it issues a passport to a child under 14. LINK: Click Here
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* WEALTH *
IRISH STIFF TAX EVADERS
DUBLIN. Irish tax authorities require banks to report anyone suspected of tax evasion. LINK: http://www.tax-news.com/asp/story/story.asp?storyname=4863
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THAI SCAM FIGURES SURRENDER
BANGKOK. Two accused leaders in the Thai stock scam surrender to police. LINK: http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT3MBA80BQC&liv
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BRUNEI FIRE SALE
The Sultan of Brunei's high living brother Prince Jefri, went bust in 1998 with $16 billion of debt. Now comes bankruptcy. LINK: Click Here.
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VENEZUELA LAND INVADERS
CARACAS. Private property is up for grabs as leftist Pres. Hugo CHAVEZ supports a national wave of squatter land invasions. LINK: Click Here.
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DEAD FUGITIVE AUSTRALIAN
Two obscure CAYMAN ISLANDS companies emerge as the key to unlocking the financial secrets Christopher Skase took to the grave. LINK: http://news.com.au/common/story_page/0,4057,2561328%255E421,00.html
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SIGNS OF MONEY LAUNDERING
Real estate deals are popular with criminals to filter ill-gotten gains. LINK: http://dallas.bcentral.com/dallas/stories/2001/08/13/focus4.html
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BRIT CRACK DOWN
The UK Financial Services Authority targets the City of London for a massive dirty cash clean up. LINK: Click Here
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ARGENTINE POLITICS
BUENOS AIRES. Politicians use US Senate ML charges to smear banks, opponents. LINK: Click Here.
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RUSSIAN WATCH DOG
MOSCOW. Pres. PUTIN names a anti-ML tsar with draconian powers to demand business documents. LINK: http://www.themoscowtimes.com/stories/2001/08/08/002.html
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CREDIT CARD SCAMS
* International criminal gangs use high-technology to steal thousands of credit card numbers at a time from trusting shoppers. LINK: Click Here.
* Brits (and Americans) get hit with big, hidden credit card charges when buying in foreign countries. LINK: http://62.189.74.239/20010813/ht36148.html
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I.R.S. DEBUNKS FRIVOLOUS ANTI-TAX ARGUMENTS
WASHINGTON. Here's the IRS offical answer to those who claim US taxes are illegal, unconstitutional or whatever. LINK: http://www.electronicaccountant.com/news/081001_2.htm and PDF file dowwnload: http://www.irs.gov/ind_info/friv_tax.pdf
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* PRIVACY *
DEMAND FOR TAXPAYER PRIVACY
The Center for Freedom & Prosperity issues a call for a US government guarantee of tax information privacy. LINKS: http://www.tax-news.com/asp/story/story.asp?storyname=4902 and http://www.freedomandprosperity.org/Papers/zagaris2/zagaris2.shtml
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ARMEY BATTLES BIG BROTHER
WASHINGTON. US House Majority Leader Dick ARMEY continues his fight to protect Americans' privacy. LINK: http://www.nandotimes.com/technology/story/60072p-869842c.html
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PROTECT AGAINST I.D. THEFT
An expert gives you 10 specific steps to avoid the fastest growing crime, identify theft. LINK: Click Here.
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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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