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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Privacy & Prosperity in the Offshore World
Tuesday, November 25, 2003 - Vol. 5 No. 139
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In This Issue:
* COMMENT: Modern Colonialism.
* OFFSHORE: Hong Kong Democracy Advocates Big Election Win. EU Hurts Malta. Swiss Cabinet May Move Right. Abache' Millions.
* WEALTH: Shelter Banks Deny Wrongdoing. Hedge Funds Targeted. Gold's Breaking Point. US Estate Taxes Down. FBI Financial Spying.
* PRIVACY & RIGHTS: Police State UK. US KGB? NZ Email Spying. Limbaugh Laundering? The FBI Is Watching.
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COMMENT: Modern Colonialism.
Dear A-Letter Reader:
At the end of World War II nations, West and East, were engulfed in an historic and prolonged "Cold War." But there was also a militant surge of what was called "anti-colonialism."
A new phrase, "Third World," described undeveloped nations scattered around the globe who claimed to have been exploited by Mother England, the French Foreign Legion, the Belgians, the Germans. Many were in Africa, but a considerable number lay in the Caribbean basin -- and one of them was (and is) the Cayman Islands.
Just south of Cuba, the Caymans are an "overseas territory" of the United Kingdom, subject to Her Majesty, Queen Elizabeth II's government of the moment -- which happens to be Tony Blair's Labourites. And one of the consistent principles of Labour's rule has been crushing UK's traditional offshore tax havens.
But unlike many of her sister British colonies, the Caymans, with a scant population of 33,000, a few years could claim that its financial institutions stood fifth in the entire world in the total of billions of dollars of assets under management. For decades it was the premier jurisdiction of choice for tax free international banking and business that wanted (and got) iron clad secrecy guaranteed by law.
In recent years this UK colony, under extreme pressure from London and Washington, has shredded its financial and banking secrecy laws. The result; an outflow of billions to other, more privacy oriented, havens.
In a local newspaper, The Caymanian Compass (Nov. 20, 2003), the death knell for the islands as a tax haven may have appeared. They reported the UK latest diktat; either; a) adopt full tax information exchange about those doing business in the islands with all other governments, or; b) impose a 35% tax on all foreigners' interest and other income earned there. In either case this will end the major attractions that brought billions to the islands; strict financial privacy and no taxes on foreigners.
The major complaint against colonialism used to be the exploitation of native populations and their resources. In this case the UK may be bent on destroying the Cayman Islands major source of income, offshore finance.
We again raise the question for the Caymans; "Independence anyone?"
That's way that it looks from here.
BOB BAUMAN, Editor
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COMMENT LINKS:
* Primarolo Repeats UK Threat To Cayman Islands.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=14167
* Facts on the Cayman Islands.
LINK: http://www.odci.gov/cia/publications/factbook/geos/cj.html
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* OFFSHORE *
HONG KONG DEMOCRATS WIN BIG ELECTION VICTORY
Vote deals a blow to pro-China party in local elections; message
to Beijing -- people want the right to elect their own leaders.
LINK: http://www.iht.com/articles/118817.htm
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E.U. UNCERTAINTY HURTS MALTA ECONOMY
EU accession led to relative lack of economic growth in Malta
LINK: http://www.di-ve.com/dive/portal/portal.jhtml?id=115356&pid=1
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SWISS CABINET ELECTION UPSETS STATUS QUO
ZURICH: Move to the Right challenges past policies. LINK:
http://www.swissinfo.org/sen/swissinfo.html?siteSect=111&sid=4471495
* Swiss will not release Abache's millions; no quick solution. LINK:
http://www.swissinfo.org/sen/swissinfo.html?siteSect=105&sid=4473022
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AUSTRALIA HIT BY OFFSHORE FRAUDS
SYDNEY: Scams involve fraudulent currency and investments. LINK:
http://www.theaustralian.news.com.au/common/story_page/0,5744,7937375%255E643,00.html
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* WEALTH *
OFFSHORE BANKS DENY IMPROPER TAX SHELTER LOANS
German banks worked with KPMG on US tax shelters
LINKS: http://www.nytimes.com/2003/11/21/business/21tax.html
* IRS says it has comprehensive strategy to stop tax shelters. LINK:
http://www.accountingweb.com/cgi-bin/item.cgi?id=98362&d=659&h=660&f=661
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HEDGE FUNDS TARGETED BY U.S. SEC
Mutual fund, business scandals lead to eye $6 billion in hedge funds.
LINK: http://www.msnbc.com/news/997485.asp?0sl=-21
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GOLD MAY BE NEAR THE BREAKING POINT
$400 an ounce may not be far away, based on this analysis.
LINK: http://goldmoney.com/en/commentary.php#current
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U.S. ESTATE TAXES GO DOWN JANUARY 1st
Lower taxes, increased exclusion to $1.5 million. LINK (subs only)
http://online.wsj.com/article/0,,SB106928347290988500-search,00.html
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CONGRESS EXPANDS F.B.I. FINANCIAL SPYING POWER
New administrative subpoena power over business documents.
LINKS: http://www.wired.com/news/politics/0,1283,61341,00.html
* Bill gives FBI more access to gambling casino records. LINK:
http://www.gamblingmagazine.com/ManageArticle.asp?C=380&A=2313
* Privacy Villain of the Week: Congress' warrantless snoop authorizers.
LINKS: http://www.nccprivacy.org/handv/031121villain.htm
http://www.lewrockwell.com/ips/lobe22.html
* Human bio-chip implant arrives for cashless transactions.
LINK: http://worldnetdaily.com/news/article.asp?ARTICLE_ID=35766
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* PRIVACY & RIGHTS *
POLICE STATE ENGLAND
LONDON: Sweeping new emergency laws said to counter UK terror.
LINK: http://news.independent.co.uk/uk/politics/story.jsp?story=466424
* The truth about the US war on terrorism.
LINK: http://www.lp.org/lpnews/0312/review.html
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RISE OF THE AMERICAN K.G.B.?
DNA database could destroy liberties.
LINK: http://www.strike-the-root.com/3/blow/blow7.html
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NEW ZEALAND WANTS E-MAIL INTERCEPTS
Email surveillance powers sought by government.
LINK: http://www.stuff.co.nz/stuff/0,2106,2735744a6160,00.html
* Biometric cards will not stop identity fraud.
LINK: http://www.newscientist.com/news/news.jsp?id=ns99994393
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IS RUSH LIMBAUGH GUILTY OF MONEY LAUNDERING?
The issue is "structuring" of cash activity to avoid reporting. LINKS:
http://www.cbsnews.com/stories/2003/11/19/entertainment/main584581.shtml
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F.B.I. WATCHING ANTI-WAR PROTESTERS
FBI scrutinizes anti-Iraq war rallies.
LINK: http://www.nytimes.com/2003/11/23/national/23FBI.html
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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER. *
Bob Bauman, Editor * Daniel Aponte, Jr. Research Asst.
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