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09.11.01. FATF Heads Again. A-Letter.
THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Prosperity & Privacy in the Offshore World
Tuesday, September 11, 2001 - Vol. 3 No. 72
In This Issue:
* COMMENT: Those FATF Heads Again
* OFFSHORE: Libya Aids Caribbean Havens. Grenada Invasion. Caymans Slump. Panama Prez Ill. Malta Is Best. Gibraltar Zero Taxes. Swap Offshore Homes. Dominica Wants Off. Links to World Embassies.
* WEALTH: Capitalism's Best Law. Tobin Tax Tanks. US Malpractice Costs Zoom. Get An Offshore APT. Suitcasefuls of Euros. Robbers Want Real Money. Target US Super Rich. Christian U. Law Prof Caught. Costa Rican 'Prime Bank' Fraud Again.
COMMENT: Those FATF Heads Again
by Bob Bauman, Editor
Last December The A-Letter opined: "One of the major arguments of the world money police is the imagined need to stop 'money laundering.' The claim is widespread abuse of banking and financial systems by sinister criminal forces. Offering little proof, artful officials use this questionable premise to justify a supposed right to monitor and record all financial transactions. By design, banks and their employees have been forced into the unwanted role of spies and police deputies."
The world's self-appointed chief dirty money police are the tax-exempt bureaucrats at the Financial Action Task Force (FATF) in Paris. Last week FATF revised its June, 2000 fifteen-nation blacklist, lifting the threat of "economic sanctions" against RUSSIA, but threatening action against the Pacific island of NAURU and against the PHILIPPINES. FATF also added two new nations, GRENADA and the UKRAINE, to its alleged dirty cash tolerant blacklist. LINKS: Click Here also http://www.guardian.co.uk/business/story/0,3604,548624,00.html and Click Here.
Parroting the FATF party line, the new BUSH US Treasury official in charge of law enforcement praised the blacklisters. But he pointedly did not "describe the nature of the penalties." That because there are no real sanctions, fortunately, except hot air threats. LINK: Click Here.
More to the point, at a Caribbean regional conference last week, an American banking official charged most of the burden for ferreting out money launderers falls on U.S. banks and their clients, who are performing and paying for imposed law enforcement functions. LINKS: http://www.miami.com/herald/digdocs/105069.htm and Click Here.
We must again ask: "When is this madness to stop?" No one should ever have to justify their right to financial privacy and every nation should uphold its right to make its own laws. This unjustified financial dragnet must end.
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* OFFSHORE *
CARIBBEAN HAVENS GET VERY FOREIGN AID
ST. GEORGE'S, Grenada. The Libyans are coming. And they're bearing more than $20 million in economic aid and millions more in potential investment for four island haven nations.
LINKS: http://www.chron.com/cs/CDA/story.hts/world/1033490
http://www.africast.com/article.cfm?newsID=23339
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U.S. INVASION OF GRENADA RECALLED
It's been 20 years and as Caribbean havens play games with LIBYA, there's a special meaning for Grenada.
LINK: http://www.tbwt.com/content/article.asp?articleid=1427
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CAYMANS ECONOMY SLUMPS
GEORGE TOWN, C.I. In what may be a reflection of the Caymans government's relative clamp down on offshore financial freedom, the general economy is slipping badly.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=5282
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PANAMA PRESIDENT ILL
PANAMA CITY. Pres. Moscoso, on return from a US medical visit, says she's fine and will serve out her current term.
LINK: http://www.countrywatch.com/files/133/cw_wire.asp?vCOUNTRY=133&UID=552692
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MALTA: BEST FOR RESIDENCE & BUSINESS
Standard and Poor's and the International Monetary Fund (IMF) give MALTA's economy high marks.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=4877
Discover why Malta is the Mediterranean's best offshore address; see the new Henley & Partners Malta web site. Learn how you can easily establish low-tax residence.
LINK: http://www.henleyglobal.com/malta1.htm
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GIBRALTAR MAY END CORPORATE TAX
Corporate taxes may be cut to zero to keep corporations from leaving in the face of EU anti-offshore pressures.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=5302
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LIVE OFFSHORE - SWAP HOMES!
Want to move to a tax haven? Try out living in a new offshore country by first swapping homes.
Find all about it at LINK: http://www.escapeartist.com/OREQ2/Swap_Homes.html
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DOMINICA WANTS OFF BLACKLIST
This Caribbean haven makes changes in order to get off the FATF dirty money list.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=5317
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Directory of all the World's Embassies & Consulates,
LINK: http://www.embassyworld.com/
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* WEALTH *
CAPITALISM'S BEST LAW?
Very interesting estimate of why English common law promotes capitalism's success better than does civil law.
LINK: http://www.charleston.net/pub/archive/biz/diff0909.htm
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TOBIN TAX AUTHOR UNHAPPY
Not even the author of a proposed cross border capital tax thinks his idea now is good for globalism.
LINKS: http://www.tax-news.com/asp/story/story.asp?storyname=5321
http://www.tax-news.com/asp/story/story.asp?storyname=5298 and Click Here.
And the head of the IMF also has serious doubts.
LINK: Click Here.
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U.S. MALPRACTICE INSURANCE COSTS ZOOM
Driven by law suits and jury awards, US medical malpractice insurance premiums are the highest rate since the mid-1980's.
LINK: http://www.nytimes.com/2001/09/10/business/10MEDI.html
An offshore asset protection trust can cut that cost to near zero. To find out more, see a short explanation of APTs at -
LINK: http://www.sovereignsociety.com/The_Offshore_Trust_Program.html Then consider joining the Sovereign Society, LINK: http://www.sovereignsociety.com/Home/How_To_Join.html
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EURO CREATES ILLICIT CASH FLOW
As the euro conversion nears, all over Europe border guards are encountering suitcase loads of cash.
LINK: http://www.nytimes.com/2001/09/06/international/europe/06MONE.html
But even armed robbers don't want the euro, preferring real money to funny money.
LINK: Click Here.
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CREDIT SUISSE TARGETS U.S. SUPER RICH
Switzerland's 2nd biggest bank targets the US really super rich, those with liquid financial assets over $30 million.
LINK: Click Here.
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LIECHTENSTEIN CATCHES CHRISTIAN U. PROF
VADUZ. A professor of international taxation at TV evangelist Pat Robertson's law school quits after questions about his possible role in a major money laundering investigation.
LINK: http://www.msnbc.com/news/624577.asp?cp1=1
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ANOTHER 'PRIME BANK' FRAUD
Hundreds defrauded out of $53 million in yet another Internet scam based in Costa Rica.
LINK: Click Here.
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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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