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09.07.01. O.E.C.D. Bafflegab. A-Letter.
THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Prosperity & Privacy in the Offshore World
Friday, September 7, 2001 - Vol. 3 No. 71
In This Issue:
* COMMENT: O.E.C.D. Bafflegab
* OFFSHORE: Brit Tax Haven Internet Casino Boom. Gibraltar Tax Slash. Taiwan-Caribbean Link. Cook Islands Court Stands Firm on Trusts.
* WEALTH: Transfer Tax Threat. UN Global Tax Plans. EU Stock Rules. More South African Taxes. Spanish Offshore Cash Cut. Rich Gamblers Only? FATF Kills Due Process. FATF Hypocrisy. Russian Dirty Laundry.
* PRIVACY: EU Knocks Echelon. Cash Surveillance Chip. Temporary Encryption Keys Thwart Government.
COMMENT: O.E.C.D. Bafflegab
by Bob Bauman, Editor
The bossy, tax exempt bureaucrats at the Organization for Economic and Community Development have been uncharacteristically quiet lately. That's in part because they have a lot to be quiet about; in part because the Bush-ordered US pullout from their phony "harmful tax competition" drive against tax havens has killed that dangerous farce.
But like an alligator waiting in swampy high grass, the tax hungry OECD is a wily and and dangerous beast, not to be underestimated. One of the very best, indeed devastating, indictments of the OECD appeared Sept. 4 in Canada's National Post. It's worth reading.
LINK: http://www.nationalpost.com/search/story.html?f=/stories/20010904/682776.html
Some excerpts: "The OECD says it wants to eliminate tax havens because their practices are harmful, if not criminal. What it really wants is to eliminate tax competition... Freedom to make economic decisions must be tempered by the OECD governments' ongoing confiscatory agenda...The OECD skillfully adopts the language of the anti-globalization camp to agitate against tax havens. Globalization is good, but not when the benefits are unequally shared...The OECD no more reflects the 'will of the people' than does the EU or the UN, although, like them, it hides behind the same democratic bafflegab. The EU does not speak for Europe's diverse 374 million people. And apart from its bureaucrats, nobody knows for whom the UN speaks. Still less does the OECD represent any more than a cartel of enforcers for high-tax governments."
A good example of this OECD "bafflegab" is their long delayed answers to a series of important questions posed by tax haven nations last January. Other than continued arrogance, there is no reason why it took seven months to concoct such evasive answers.
LINK: http://www.freedomandprosperity.org/Hinton.pdf
The Center for Freedom and Prosperity, a leader in formulating a coherent offshore response to the OECD, comments on the answers -
LINK: http://www.freedomandprosperity.org/Papers/m09-03-01/m09-03-01.shtml
And a new report says "The information sharing initiative supported by the OECD and EU is simply a continuation of their attempt to enable high-tax countries to raise tax rates..."
LINK (pdf download): http://www.freedomandprosperity.org/RR08-13-01.pdf
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* OFFSHORE *
BRIT TAX HAVEN CASINOS UNDERCUT U.K. TAXES
Crown Dependency tax havens were once controllable when London could watch and record the movement of people and money. Controlling the movement of Internet electrons is nearly impossible, thank Heaven!
LINK: http://www.it-director.com/article.php?id=2130
In the Irish Sea, the ISLE of MAN enjoys a tax bonanza as it is swamped by demand for costly Internet casino licenses.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=5225
On the Channel Island of GUERNSEY, domiciled funds now total £32 (US$46.7) billion, up £5.5 billion during the 2nd 2001 quarter.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=5251
JERSEY and GUERNSEY are hopeful about 'new' OECD policies.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=5272
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GIBRALTAR TAX SLASH CONFIRMED
The government confirms it will cut corporate taxes from 35% for domestic companies to 8%-12% for all companies, an attempt to keep offshore companies in this British tax haven.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=5214
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CARIBBEAN HAVENS COURT TAIWAN
Last week we reported Antigua, Dominica, Grenada, St. Kitts-Nevis, St. Lucia and St. Lucia were talking political union.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=5169 Now they are seeking financial aid from TAIWAN. LINK: http://www.tax-news.com/asp/story/story.asp?storyname=5254
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COOK ISLANDS UPHOLD TRUST PROTECTION
RAROTONGA, C.I. The High Court issues a "Mareva Injunction" requiring a local trustee to transfer all assets of a CI trust in a Swiss bank to the Cook Islands.
LINK: Click Here. More about Mareva injunctions: http://www.gnl.com.au/mareva%20injunction.htm But all is not well in Cook Island domestic politics. LINK: http://www.tax-news.com/asp/story/story.asp?storyname=5256
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* WEALTH *
TOBIN TAX THREAT LINGERS ON
Franco-German leaders talk taxes on cross border capital moves.
LINK: http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT3CT7QF9RC&liv
Socialists, leftist and tax collectors love this asinine tax.
LINKS: http://globalarchive.ft.com/globalarchive/article.html?id=010901004493
http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT3COXVTARC&liv
But German finance officials says it's impractical nonsense.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=5255
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U.N. WORLD TAXATION PLANS
How the UN plans to impose global taxation, see -
LINKS: http://www.worldnetdaily.com/news/article.asp?ARTICLE_ID=24309
http://www.freedomandprosperity.org/Papers/un-report/un-report.shtml
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OPPOSITION TO E.U. STOCK RULES
More new bureaucratic EU directives governing stock and bond issues could raise costs and hurt capital markets.
LINK: Click Here.
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SOUTH AFRICA ATTACKS ON WEALTH
The nation badly needs foreign investment, but the ANC government seems bent on scaring off capital with still more taxes.
LINK: http://www.businessday.co.za/bday/content/direct/1,3523,921015-6099-0,00.html
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OFFSHORE SPANISH CASH FALLS
Spanish investment in tax havens fell by 47% in 2000.
LINK: http://globalarchive.ft.com/globalarchive/article.html?id=010903004713
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IRISH MILLIONAIRE WANTS RICH GAMBLERS
One of Ireland's richest and most elusive men launches an Internet sports betting service aimed at the richest gamblers.
LINKS: http://www.tax-news.com/asp/story/story.asp?storyname=5278
Click Here.
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MONEY LAUNDERING NEWS:
FINANCIAL ACTION TASK FORCE HYPOCRISY
PARIS. The president of FATF, Regina Ip of Hong Kong, tells her fellow cash cops how vigilant her own government is in fighting money laundering. Meanwhile, Hong Kong tax evasion is UP 69% since 1995.
LINKS: http://www.tax-news.com/asp/story/story.asp?storyname=5250
http://www.tax-news.com/asp/story/story.asp?storyname=5224
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FATF SAYS 'KILL DUE PROCESS'
As a prelude to police forfeiture, FATF demands all nations reverse the burden of proof, forcing accused 'money launderers' to prove assets are clean. FATF wants laws to reveal true owners of all IBCs and trusts.
LINK (pdf download): http://www.oecd.org/fatf/pdf/PR-20010829_en.pdf
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RUSSIAN DIRTY LAUNDRY
MOSCOW. A revealing interview; the head of the Russian National Reserve Bank, on capital flight, money laundering, and much more.
LINK: http://www.themoscowtimes.com/stories/2001/09/04/048.html
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* PRIVACY *
E.U. PARLIAMENT KNOCKS ECHELON
The European Parliament says Echelon, the US global electronic surveillance, does exist and it breaches human rights. (Duh!)
LINK: http://www.thestandard.com/article/0,1902,28890,00.html
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CASH I.D. SURVEILLANCE CHIP
Hitachi develops a chip to be woven into paper money to expose counterfeit cash. It also can track your cash movements.
LINKS: http://news.zdnet.co.uk/story/0,,s2090580,00.html
http://www.freecongress.org/press/releases/010724.htm
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TEMPORARY ENCRYPTION KEYS
Beat UK government surveillance laws that require turn over of your secret encryption keys; use temporary keys.
LINKS: http://www.m-o-o-t.org(free reg req)
http://www.nytimes.com/2001/02/20/science/20CODE.html
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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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