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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Privacy & Prosperity in the Offshore World
Friday, September 26, 2003 - Vol. 5 No. 114
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In This Issue:
* COMMENT: Offshore Yin & Yang.
* OFFSHORE: Canadians in Barbados Tax Peril. Bermuda Survives!
Panama's President. Irish Tax Collectors. Honk Kong Rating Up.
* WEALTH: Delaware Opts Out. Ohio Clamps Down. Becker Finds Swiss Tax Haven. Russian Rich. Aussie Informers. Increased Competition.
* PRIVACY & RIGHTS: IRS May Give Police Secret Data. Grassroots Opposition to Patriot Act; Opponents List. Pentagon Backdoor Spying.
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COMMENT: Offshore Yin & Yang.
Dear A-Letter Reader:
Taoism's great book of divination, the I Ching, the "Book of Changes," spells out the meanings of yin and yang. Yin originally meant "shady, secret, dark, mysterious, cold." Yang, in turn meant "clear, bright, the sun, heat, light."
If there ever has been a clear example of yin and yang in the current offshore financial world, it occurred in recent days in two tax havens an ocean away from each other; The Bahamas and the Isle of Man.
The dark yin came from Richard Hay, identified as an international tax expert in the London office of the Canadian law firm of Stikeman Elliott. The defeatist Mr. Hay told his Manx audience that offshore centers, such as the Isle of Man, must not oppose OECD efforts to enforce exchange of tax information on all nations (and thus destroy traditional financial privacy).
His cheap appeal; small nations depend on large nations for financial business, so in order to get along, follow the big boys' orders.
Across the Atlantic, the illuminated yang came from Dr. Rosemarie B. Antoine, a senior lecturer at the Univ. of the West Indies, author of a landmark doctoral thesis on "Legal issues In Offshore Finance."
Speaking in The Bahamas, Dr. Antoine said that, with money laundering broadened to include tax avoidance, terrorism and other wrongs, bank secrecy is still "well worth fighting for." She added that the notion that confidentiality is inherently "evil and corrupt," is false and should be discarded.
According to Dr. Antoine, smaller offshore havens were blacklisted by the OECD and FATF because they were considered more vulnerable, "despite the clear evidence that the biggest money launderers are not here, but are in fact in New York, London and Russia."
Right on Dr. Antoine! At least this offshore expert has the guts to stand up for principle and say so. No sellout here!
Mr. Hay -- meet Dr. Antoine. Yang overcomes yin. Light defeats darkness. Thus may it ever be. Offshore and onshore.
That's the way that it looks from here.
BOB BAUMAN, Editor
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COMMENT LINKS:
* "Bank secrecy worth fighting for" says offshore expert. LINK:
http://www.thenassauguardian.com/business/278724032165678.php
* Offshore havens warned not to resist OECD.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=13454
* Yin & Yang and the I Ching
LINK: http://www.friesian.com/yinyang.htm
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* OFFSHORE *
OFFSHORE CANADIANS IN BARBADOS PERIL
BRIDGETOWN: Change in treaty terms, tax laws may end tax breaks
for Canadians doing business in Barbados. LINK:
http://www.nationnews.com/StoryView.cfm?Record=42576&Section=LO
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BERMUDA SURVIVES FABIAN
HAMILTON: Our Bermuda resident Council of Experts member,
William Woods, reports on the aftermath of Hurricane Fabian.
LINK: http://www.offshoreon.com/articles/4895.asp?docid=4895
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PANAMA'S FIRST LADY PRESIDENT ON THE WAY OUT
PANAMA: And it appears few will miss Pres. Mireya Moscoso. LINK:
http://reuters.com/newsArticle.jhtml?type=ourWorldNews&storyID=3435624
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IRISH TAX COLLECTORS NAME OFFSHORE EVADERS
Revenue to name 200 alleged bogus offshore account holders. LINK:
http://www.businessworld.ie/livenews.htm?a=766391;s=rollingnews.htm
* Standard Bank reaffirms JERSEY banking operations.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=13431
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MOODY'S UPS HONG KONG CREDIT RATING
New China links boost HK's economic growth and credit standing. LINK:
http://www.thestandard.com.hk/thestandard/news_detail_frame.cfm?articleid=42039&intcatid=1
* Hong Kong dollar up after G-7 warnings on exchange rates. LINK:
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1059480059970
* Police hunt owner of fake Hong Kong bank web site.
LINK: http://www.net-security.org/news.php?id=3654
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* Latest internal EU scandal; kickbacks, offshore accounts. LINK:
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1059480094051
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* WEALTH *
DELAWARE REFUSES TO JOIN I.R.S. TAX CHEAT PACT
Corporate state refuses to join IRS plan aimed at evaders. LINK:
http://www.delmarvanow.com/bethanybeach/stories/20030924/316992.html
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MORE U.S. STATE CURBS ON OFFSHORE COMPANIES
Ohio bill would crack down on tax haven re-incorporations. LINK:
http://cincinnati.bizjournals.com/cincinnati/stories/2003/09/22/daily45.html
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BECKER MOVES TO SWISS TAX HAVEN
ZUG: Tennis star, Boris Becker, leaves Germany for low-tax Zug.
LINK: http://www.guardian.co.uk/germany/article/0,2763,1049051,00.html
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RUSSIA'S FIRST CROP OF RICHIES
MOSCOW: Russia got first millionaires, billionaires in 2002. LINK:
http://www.russiajournal.com/news/cnews-article.shtml?nd=40400
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AUSTRALIAN TAX COLLECTORS RECRUIT INFORMERS
CANBERRA: Taxman seeks help on tax cheats. LINK:
http://www.theage.com.au/articles/2003/09/23/1064082995623.html
* Australian $160 million Ponzi scheme promised 50% return. LINK:
http://www.thecouriermail.news.com.au/common/story_page/0,5936,7360916%5E3122,00.html
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INCREASED OFFSHORE COMPETITION PREDICTED
Moderate growth, more offshore action, currency changes seen.
LINK: http://www.newswire.ca/releases/September2003/25/c4487.html
* Bush bid to weaken US dollar could backfire. LINK:
http://www.washingtonpost.com/wp-dyn/articles/A54874-2003Sep23.html
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* Swiss fund manager wants more regulation of hedge funds. LINK:
http://www.reuters.com/newsArticle.jhtml?type=topNews&storyID=3490979
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* PRIVACY & RIGHTS *
I.R.S. MAY VIOLATE OWN PRIVACY LAW RESTRICTIONS
Secret tax returns may be shared with police, immigration. LINK:
http://www.boston.com/news/nation/washington/articles/2003/09/25/irs_considers_giving_data_to_other_agencies/
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GRASSROOTS OPPOSITION TO PATRIOT ACT SURGES
3 States, 171 communities oppose law's provisions. LINK:
http://www.sacbee.com/content/news/projects/liberty/story/7473568p-8415954c.html
* List of communities opposed to Act: LINK:
http://www.aclu.org/SafeandFree/SafeandFree.cfm?ID=11294&c=207
* Patriot Acts curbs bank account openings.
LINK: http://www.thehawkeye.com/daily/stories/ln1_0925.html
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* Terrorism and Tyranny: Trampling Freedom, Justice, and Peace
to Rid the World of Evil. A new book by James Bovard.
LINK: http://www.amconmag.com/09_22_03/article1.html
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PENTAGON SPYING CREEPS IN THE BACKDOOR
A back door to Poindexter's Orwellian dream
LINK: http://www.theregister.co.uk/content/55/33006.html
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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER. *
Bob Bauman, Editor * Daniel Aponte, Jr. Research Asst.
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