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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Privacy & Prosperity in the Offshore World
Friday, October 3, 2003 - Vol. 5 No. 117
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In This Issue:
* COMMENT: Secret Cash Confiscation.
* OFFSHORE: Germans Escape Tax in Switzerland. Jersey Jitters. Panama Enhances Offshore Center Status. Bahamas Warning.
* WEALTH: EU Fines Threat. US Offshore Corporate Tax Break? Aussie Taxes 29.5% GDP. California Tax Amnesty. Eroding Freedom.
* PRIVACY & RIGHTS: NZ Privacy View. More Pentagon Snooping? UK Lawyers Forced to Be Tax Informers. UK Litigation Boom.
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COMMENT: Secret Cash Confiscation
Dear A-Letter Reader:
Every time FATF meets, we report their latest systematic destruction of what little financial privacy we have left. This week it was the FATF Stockholm demands.
The Financial Action Task Force (FATF) is a 33 nation offshoot of the Organization for Economic Cooperation and Development (OECD) in Paris. Both are public relations operations on behalf of the major welfare states known as the "G-7" -- Canada, France, Germany, Italy, Japan, the US and the UK. Neither the OECD nor FATF has any legal standing, other than their own self-conferred role as world watchdogs on what FATF defines (and redefines) as "money laundering."
Using their alleged war on dirty cash as cover, the FATF proclaims "recommendations" it insists its member nations must convert into law. The nations who don't go along are blacklisted by FATF.
This week in Stockholm, FATF made shocking new demands wrapped in the usual Draconian excuse of "fighting terrorism." FATF wants governments to have the police power to force banks and financial institutions to freeze in secret the funds of anyone the government accuses of terrorism or many other types of crimes; without any preliminary hearing or prior determination of guilt; just a secret accusation. Banks that fail to comply would be punished with unspecified sanctions.
Any nation that adopts this FATF approach allowing secret freezing of funds engages in confiscation of property without due process or equal protection of the law. In the US that should be unconstitutional, but in fact, it's already happening in George Bush's America.
And yet the average citizen slumbers on in blissful ignorance. FATF's wild demands are to be expected. But only a complacent citizenry can allow this madness to become law.
That's the way that it looks from here.
Bob Bauman, Editor
PS: The Sovereign Society suggests a way to counter FATF and protect your financial privacy. To find out how; click here:
LINK: http://www.agora-inc.com/reports/SVS/WSVSD634/
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COMMENT LINKS:
* Dirty money spotlight widens; FATF meets.
LINK: http://news.bbc.co.uk/1/hi/business/3158268.stm
* Blacklisted nations on current FATF list. LINK:
http://www.channelnewsasia.com/stories/economicnews/view/50306/1/.html
* Terror finance watchdog wants tougher cash freeze rules.
LINK: http://www.alertnet.org/thenews/newsdesk/L01457728.htm
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* OFFSHORE *
GERMAN CELEBRITIES MOVE TO SWISS TAX OASIS
Many wealthy Germans are moving to Switzerland to avoid Germany's
high tax rates; tennis star Boris Becker is the most recent. LINK:
http://www.dw-world.de/english/0,3367,1433_A_984595_1_A,00.html
* New Swiss law aims at offshore corporate corruption.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=13516
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JERSEY OFFSHORE CURBS HURT REAL ESTATE
Channel Island's tax benefits no longer attractive enough to entice
Brits from the mainland; Jersey property market is in crisis. LINK:
http://www.telegraph.co.uk/property/main.jhtml?xml=/property/2003/10/01/pjers01.xml&sSheet=/property/2003/10/01/ixptop01.html
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PANAMA IS SOUTH AMERICA'S TOP FINANCIAL CENTER
With more new plans to expand as a global offshore tax haven.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=13520
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BAHAMAS GETS WARNING
NASSAU: Credit rating is sound now, but anti-offshore
pressures could harm nation's future economic success. LINK:
http://www.thenassauguardian.com/business/278777415850868.php
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* WEALTH *
EU FINES THREAT; U.S. BUSINESS MAY GET NEW TAX BREAK
EU wants an end to allegedly 'unfair' US Foreign Sales Corp. Act;
Congress may give offshore US corporations huge new tax break.
LINKS: http://www.eubusiness.com/afp/031002112253.sa8dk7py
http://www.nytimes.com/2003/10/02/business/02TAX.html
* New IRS list of approved tax treaties for lower QFC dividend taxes.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=13533
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AUSTRALIAN TAX TAKE HITS RECORD LEVELS
CANBERRA: Taxes now take 29.5% of total national GDP. LINK:
http://www.theage.com.au/articles/2003/10/01/1064988273321.html
* Prime Minister Howard hints at further Australian tax cuts.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=13528
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CALIFORNIA OFFERS OFFSHORE TAX AMNESTY
Oct. 15 deadline for amended state tax returns. LINK:
http://sacramento.bizjournals.com/sacramento/stories/2003/09/29/daily24.html?jst=b_ln_hl
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IS AMERICAN ECONOMIC FREEDOM ERODING?
Are Americans less free than they were 20 years ago?
LINK: http://www.cato.org/dailys/10-02-03.html
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* PRIVACY & RIGHTS *
PRIVACY & CIVILIZATION
An interesting view from New Zealand.
LINK: http://freeradical.co.nz/content/58/Privacy.shtm
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PENTAGON DOMESTIC SNOOPING STILL CONTINUES?
Congress blocked funding of the "Terrorism" Information Agency.
But it now appears it may be carried out by a different agency,
the Army Intelligence and Security Command (INSCOM).
LINK: http://www.govexec.com/dailyfed/0903/093003td2.htm
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U.K. LAWYERS MUST TURN IN SUSPECT TAX CHEAT CLIENTS
LONDON: New law forces attorneys to be secret tax informers. LINK:
http://www.telegraph.co.uk/money/main.jhtml;$sessionid$LYYMDHPFFGS03QFIQMFSFFOAVCBQ0IV0?xml=/money/2003/10/01/cmntax01.xml&menuId=244&sSheet=/money/2003/09/30/ixperson.html
* American style contingency lawsuits growing in the UK.
LINK: http://www.techcentralstation.com/100203A.html
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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER. *
Bob Bauman, Editor * Daniel Aponte, Jr. Research Asst.
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