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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Privacy & Prosperity in the Offshore World
Friday, December 5, 2003 - Vol. 5 No. 144
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In This Issue:
* COMMENT: Swiss Say No!
* OFFSHORE: Bermuda Backlash; HSBC Mystery; British Are Coming! Bahamas Slow Laws. Jersey Tax Boon. Malta, Cyprus Obey EU Masters. East Europe Hong Kong. Singapore Rakes in Europe's Nervous Cash.
* WEALTH: US Blacklisting Offshore Banks. EU Stupidity; Euro Controls. China Currency Smarts. High Tax France. Banco Atlantico. Official Nigerian Scam. 2003-End Tax Plans. UK Laws Wreck Bank, Business Havoc.
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COMMENT: Swiss Say No!
Dear A-Letter Reader:
Let's hear it for the gutsy Swiss parliament!
This week both the Swiss Senate and House voted to enshrine the 1934 statutory guarantee of strict bank secrecy as a part of the Swiss national constitution. The constitutional amendment will be subject to a national referendum, but that should pass easily, since the Swiss repeatedly have voted to support bank secrecy by large margins. (Only Austria now has such a constitutional provision.)
Some leftist observers tried to downgrade the importance of the vote. But what the Swiss did is a forceful and direct "no" to the pressures of the European Union, the OECD and assorted busybodies, including the US and UK, that have done everything they can to kill Swiss bank privacy.
The vote was engineered by leaders of the conservative Swiss Peoples' Party (SVP) that polled 26.6% of the votes in October's general election.
That vote signalled a major move to the right for the Swiss. This week's parliamentary vote is also part of a drive to add the SVP's leader, Christoph Blocher, to the governing executive commission.
SVP parliamentarian and banker Hans Kaufmann said the proposals were a significant step guaranteeing the long-term future of Switzerland as a global financial center: "We are giving a clear signal to banking clients, both at home and abroad that, here in Switzerland, client confidentiality will continue to be guaranteed," Kaufmann said.
The SVP timed its move to cause the greatest possible embarrassment to the current government's attempts to negotiate a second set of 'bilateral accords' with the EU. It will also complicate efforts to get the Swiss to join the EU, which they refused to do in a national vote.
But most of all it tells the offshore world what it needs to know. As the SVP's Blocher put it: "Swiss bank secrecy is not negotiable."
That's the way that it looks from here.
BOB BAUMAN, Editor
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COMMENT LINKS:
* Swiss Parliament mounts defence of banking secrecy. LINKS:
http://www.swissinfo.org/sen/swissinfo.html?siteSect=105&sid=4515092
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1069493679595
* SVP takes tough stance on banking confidentiality.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=14317
* EU tax deal leaves Swiss banking secrecy intact (June 2003). LINK:
http://www.swissinfo.org/sen/swissinfo.html?siteSect=105&sid=3900237
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* OFFSHORE *
HSBC PURCHASE OF BANK OF BERMUDA REVERBERATES
HAMILTON: Does "HSBC" mean "Holy s**t -- the British are coming"?
http://www.theroyalgazette.com/apps/pbcs.dll/article?AID=/20031128/OPINION/111280071
* The mystery deepens over HSBC buy out of Bank of Bermuda. LINK:
http://www.theroyalgazette.com/apps/pbcs.dll/article?AID=/20031201/BUSINESS/112010037
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LONDON IMPOSES ITS WILL ON ITS COLONY?
BERMUDA-British showdown looms over Chief Justice choice. LINK:
http://www.theroyalgazette.com/apps/pbcs.dll/article?AID=/20031203/NEWS/112030074
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BAHAMAS FINANCIAL LEGISLATION TOO SLOW?
NASSAU: A few years ago it was much too fast!
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=14307
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BRIT PRESS MAGNATE SAVES TAXES IN JERSEY
ST. HELIER: Millionaire Richard Desmond finds Jersey far less taxing.
LINK: http://media.guardian.co.uk/city/story/0,7497,1098808,00.html
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JOIN THE E.U. AND SURRENDER YOUR SOVEREIGNTY
MALTA, CYPRUS forced to dismantle offshore tax haven laws. LINK:
http://www.euractiv.com/cgi-bin/cgint.exe?204&OIDN=251167&-tt=el
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SLOVAKIA - EASTERN EUROPE'S HONG KONG?
Dan MITCHELL explains the new Sovak corporate flat tax. LINK:
http://www.washingtontimes.com/commentary/20031128-080101-2672r.htm
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SINGAPORE WELCOMES SHIFTING WEALTH
EU, OECD restrictions push billions towards Asian banks. LINK:
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1069493596937
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* WEALTH *
WE WARNED YOU: U.S. BLACKLISTING OFFSHORE BANKS
Using the Patriot Act, US Treasury acts as police, judge and jury
in excluding foreign banks from the US banking system. LINK:
http://www.forbes.com/markets/newswire/2003/12/03/rtr1168290.html
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EUROPEAN UNION STUPIDITY; EXCHANGE CONTROLS!!!
Ignoring history, the EU may impose euro exchange controls. LINK:
http://www.money.telegraph.co.uk/money/main.jhtml?xml=/money/2003/12/04/cneu04.xml&menuId=242&sSheet=/money/2003/12/04/ixfrontcity.html
* CHINA, smarter than the EU, to relax its currency controls. LINK:
http://www.thestandard.com.hk/thestandard/news_detail_frame.cfm?articleid=43805&intcatid=2
* Bursting the EU Constitutional Bubble. LINK:
http://www.freedomandprosperity.org/Articles/wsj11-26-03/wsj11-26-03.shtml
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HIGH TAX FRANCE PAYS THE PRICE
PARIS: Capital flight causes offshore cash return amnesty talk.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=14316
* Credit Lyonnais-California dispute heads for US courtroom.
LINK: http://www.ttc.org/ba31203a.htm
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BARCLAYS SEEKS BANCO ATLANTICO ASSURANCE
LONDON: Banks seek ?1.6 bn ($1.9 bn) deal reassurance. LINK:
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1069493737557
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ANOTHER NIGERIAN SCAM, THIS TIME IT'S OFFICIAL
LAGOS: Imitating western anti-money laundering laws nets $100 million.
LINK: http://allafrica.com/stories/200312040296.html
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U.S. YEAR END TAX PLANNING
Sovereign Society Council of Experts member, VERNON JACOBS
CPA, tells you last minute ways to save on 2003 US taxes.
LINK: http://www.offshorepress.com/vkjcpa/year-end-tax-plan.htm
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U.K. ANTI-MONEY LAUNDERING, TAX LAWS WRECK HAVOC
* Accountants to become government financial spies.
LINK: http://www.accountancyage.com/News/1135753
* British bank staffs 'burdened by draconian rules.' LINK:
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1069493710779
* UK business faces more tax law red tape. LINK:
http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1069493703056
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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER. *
Bob Bauman, Editor * Daniel Aponte, Jr. Research Asst.
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