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08.24.01. Free Gibraltor. A-Letter.
THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Prosperity & Privacy in the Offshore World
Friday, August 24, 2001 - Vol. 3 No. 67
In This Issue:
* COMMENT: Freedom for Gibraltar
* OFFSHORE: Antigua Out From Under. Casino Boom. Even in the UK Crown Colonies. Cyprus Sellout. The Libyan Connection. Caymans Cash Freeze. Canadian Confidentiality.
* WEALTH: Crime & Fraud: London, Berlin, Paris, Arizona. Italian Amnesty. South African Woes. The Wired World. Lady Godiva Returns.
COMMENT: Freedom for Gibraltar
by Bob Bauman, Editor
As with Bermuda and its Caribbean overseas territories, tax havens all, it appears Tony BLAIR's Labour government is about to throw to the wolves of its own expediency one of Her Majesty's last colonies.
Word is out that the UK, as with Hong Kong and northern Ireland, again is abdicating its colonial obligations. It wont help GIBRALTAR counter European Union demands that it abolish its highly successful offshore corporate laws. Brussels EU busybodies claim this an unfair tax subsidy.
LINKS: http://www.tax-news.com/asp/story/story.asp?storyname=5037
http://www.guardian.co.uk/business/story/0,3604,520279,00.html
But Gibraltar's feisty government is fighting back with a law suit against the EU. They argue the IBC law allows tax exemption only for companies that do business outside of Gibraltar, not for domestic companies with local business.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=5014
In the past decade Gibraltar has fashioned itself into a dual purpose offshore tax haven, serving both as a base for tax-free international business corporations and trusts and as a "residential tax haven" for high net worth individuals from many nations. The famous Rock is tiny, only 6.5 square kilometers, but boasts a comprehensive banking and financial services industry, no exchange controls, English common law and first-rate communications and infrastructure. The industry is the mainstay of the economy, providing 30-35% of GDP with 5000 jobs depending, directly or indirectly, on the offshore Finance Center.
(Check out the Gibraltar Home Page: http://www.gibraltar.gi/)
Last year when the OECD listed Gibraltar on its "harmful tax competition" blacklist, the government countered with an "Irish style" cut in tax rates across the board and said it intended to defend its statutory bank secrecy.
Gibraltar was ceded to BRITAIN "forever" under the 1713 Treaty of Utrecht. Neighboring SPAIN's 300 years of efforts to recover this British overseas territory on its southern flank are rejected by a large majority of the 28,000 Gibraltarians. In a 1969 referendum 90% voted in favor of keeping UK ties. They also approved a constitution that grants local autonomy in many areas, but reserves strategic decisions to London. Gibraltar has been part of the EU, by association with Britain, since 1973.
Caught between Britain and Spain, Gibraltar has one other possibility. Last May the government said it might hold a referendum on self-determination. That would throw both Spain and the UK Foreign Office cowards into a major snit.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=3645
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JOIN US IN MIAMI NEXT WEEK!
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.
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 *
ANTIGUA OFF U.S. BLACKLIST
WASHINGTON. The US Treasury lifted a trumped up 1999 'advisory' against Antigua and Barbuda that criticized its efforts to fight money laundering and advised US banks to give special scrutiny to financial dealings with the country.
LINKS: http://www.miami.com/herald/content/business/digdocs/078733.htm
http://www.tax-news.com/asp/story/story.asp?storyname=5034
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OFFSHORE CASINO GAMBLING BOOMS
ANTIGUA is the favorite country for casino operators. Online casino licenses generate millions of dollars in revenue for the countries that create a tech sector that can handle the business.
LINK: http://www.winneronline.com/articles/august2001/casino_licenses1.htm Antigua Official Gaming Authority LINK: http://www.dirgaming.gov.ag/
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BRITISH CROWN COLONIES WANT IN
LONDON. UK offshore tax havens ALDERNEY and ISLE of MAN will allow Online casinos on the islands, possibly a multi-billion dollar industry.
LINKS: http://www.tax-news.com/asp/story/story.asp?storyname=5046
Click Here.
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CYPRUS SELLOUT CONTINUES
Having raised offshore corporate taxes to please the EU, Cyprus now asks the IMF to tell it what to do next to kill its offshore financial sector.
LINKS: http://www.tax-news.com/asp/story/story.asp?storyname=5063
http://www.tax-news.com/asp/story/story.asp?storyname=5035
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CARIBBEAN HAVENS COLLECTIVE BAD JUDGMENT
Miffed at reduced US foreign aid and pressure from Washington and London on their tax haven nations, several Caribbean leaders are off on a trip to play games with LIBYA's madman, Muammar QADHAFI.
LINKS: http://www.tbwt.com/content/article.asp?articleid=1340
http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT3BURMZMQC&liv
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CAYMANS ORDER BANK ASSETS FREEZE
GEORGE TOWN, C.I. Using their brand new antri-money laundering law, officials here freeze bank accounts of ex-Peruvian official Vladimiroontesinos Torres.
LINKS (scroll down): http://www.caymannetnews.com/
http://www.tax-news.com/asp/story/story.asp?storyname=5055
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CANADIAN LAWYERS FIGHT FOR CONFIDENTIALITY
OTTAWA: Canada's law societies launch a constitutional challenge to a new money laundering law that forces lawyers to secretly report clients' confidential financial dealings to the government.
LINK: Click Here.
And Canada's Big Five banks may be planning mergers.
LINK: http://www.nytimes.com/2001/08/21/business/worldbusiness/21BANK.html
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* WEALTH *
CRIME & FRAUD RAMPANT
LONDON. The UK government sees financial fraud as a growing and major threat.
LINKS: http://news.bbc.co.uk/hi/english/business/newsid_1505000/1505407.stm
Click Here.
A RUSSIAN first: official help for another country in a Russian based money laundering investigation.
LINK: http://www.themoscowtimes.com/stories/2001/08/22/003.html
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BERLIN. EU nations fear a flood of counterfeit currencies before the coming Jan. 1 euro currency change over.
LINKS: Click Here.
Click Here
Click Here.
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PARIS. Hold on to your wallet or purse if you're visiting the City of Light any time soon.
LINK: Click Here
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PRIME BANK NOTE FRAUD
ARIZONA U.S.A. Three accused of running a 'prime bank note' scheme that swindled investors out of $23 million.
LINK: http://www.arizonarepublic.com/arizona/articles/0822fraudscheme-ON.html
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U.K. POLICE RAKE IN FINES FOR NON-CRIMES
LONDON. PaineWebber committed no crime; hit with £350,000($508,000) for alleged "serious breaches of compliance" rules.
LINKS: http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT3F3062PQC&liv
Click Here.
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ITALIAN OFFSHORE CASH AMNESTY
ROME. Italy prepares an amnesty for the repatriation of money illegally spirited out of the country.
LINK: Click Here and Click Here
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SOUTH AFRICAN MONEY WOES
JOHANNESBURG. The South African rand falls to an all time low.
LINK: Click Here.
And RSA local bankers complain 71 foreign banks dominate the nation's banking business.
LINK: Click Here.
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THE WIRED WORLD
No longer refer to First and Third Worlds, but to regions that are, or are not, hardwired to information flows.
LINK: http://www.mg.co.za/mg/za/archive/2001aug/features/22aug-wired.html
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THE ORIGINAL TAX PROTESTER
CONVENTRY, U.K. Archaeologists take the wraps off Lady GODIVA, the original protester against high taxes.
LINK: http://portal.telegraph.co.uk/news/main.jhtml?xml=/news/2001/08/23/ngodi23.xml
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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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