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09.25.01. Terror Cash Freeze. A-Letter.
THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Prosperity & Privacy in the Offshore World
Tuesday, September 25, 2001 - Vol. 3 No. 76
In This Issue:
* COMMENT: Terrorist Cash Freeze: a Grand Illusion?
* OFFSHORE: British Havens Tax Sellout? Swiss Investigate Terrorists, Defend Bank Privacy. Swiss Franc Surges. US Court Backs Bermuda Tax Break. St. Kitts-Nevis Offers Vacation to Rescue Workers.
* WEALTH: New US Anti-Money Laundering Strategy. UK Lawyers Must Report Clients. Russia OKs Land Ownership. Terror Travel Tips.
* PRIVACY & CIVIL RIGHTS: US & UK Consider National Identity Cards. Liberty Suffers in Wartime. Groups Urge Caution.
COMMENT: Anatomy of a Grand Illusion
by Bob Bauman, Editor
President Bush's announcement on Monday of a grand war against terrorist cash qualifies for a "smoke and mirrors" award. That pejorative phrase describes policy pronouncements that seem meaningful, but in fact have little substance. Bush's professed aim is to confiscate all terrorist cash controlled by Osama bin Laden, prime suspect in terrorist attacks on the US, who supposedly used bank accounts and companies in haven countries to finance his activities.
LINKS: http://www.washingtonpost.com/wp-dyn/articles/A16037-2001Sep24.html
http://www.nytimes.com/2001/09/25/international/25CAPI.html
Understandably, the President wants to appear to deliver on his pledge of a new sort of war, and grabbing terrorist cash would be big news. But the truth is that what Bush did, issue an executive order to freeze accounts, was done in 1998 by Pres. Clinton. The result: no bin Laden cash was found. The Post reports that "the U.S. government made 'a massive effort' to trace and seize the money of bin Laden's group, but 'it's proven elusive,'" quoting a former US official. For a revealing look at bin Laden's finances, see the Washington Post special report.
LINK: http://www.washingtonpost.com/wp-dyn/articles/A642-2001Sep20.html
Of special interest to the offshore financial community worldwide was the President's warning that foreign banks that don't cooperate will have their own assets and transactions in the United States frozen. Asked about this, White House press secretary Ari Fleischer said that the US recognizes that tax issues and terrorism/law enforcement issues are not the same things. (Whatever that means?)
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=5529
It is worth noting again, as we did last Friday, that every offshore haven nation that has been asked is cooperating with US requests for information about suspected terrorist accounts. (See Offshore below).
As The A-Letter reported Friday, those on the far left politically are straining to use the terrorist attacks to justify the destruction of offshore banking. A prime example of this leftwing propaganda,
LINK: http://www.tbwt.com/content/article.asp?articleid=1751
The Observer (UK) published a jubilant "news" report claiming the Bush government would "lead an unprecedented money laundering crackdown on the world's tax havens, promising that the era of offshore banking secrecy is 'history'". The article alleged bin Laden cash was stashed in tax havens worldwide, an absolute fiction when compared to the factual Washington Post report (above) that shows terrorist cash moves through private Islamic channels, avoiding major banking systems everywhere.
LINK: http://www.observer.co.uk/business/story/0,6903,556350,00.html
The Cato Institute suggests, and we concur, beware of those exploiting the war on terrorism for their own narrow and suspect ends.
LINK: http://www.cato.org/current/terrorism/pubs/carpenter-010920.html
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* OFFSHORE *
U.K. OSTs & CROWN DEPENDENCIES SELLOUT?
On Friday word got out that JERSEY will follow orders from the UK Labour government and will share Jersey-based bank and financial account client tax information with all EU nation tax collectors GUERNSEY will also follow this 'information sharing' course.
LINKS: http://www.tax-news.com/asp/story/story.asp?storyname=5477
http://www.tax-news.com/asp/story/story.asp?storyname=5524
On Monday the EU claimed that London had guaranteed that all British overseas territories and Crown dependencies had agreed to enforce EU plans to tax non-resident savings and investments, including accounts in the Channel Islands, Isle of Man, Bermuda, the Cayman Islands and other UK Caribbean tax havens.
LINK: http://www.afxpress.com/afxpress2/html/story_3174375.xml
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SWISS COOPERATE, BUT DEFENDED BANK PRIVACY
In response to UK Chancellor Brown's scurrilous attack tying Swiss bank secrecy to terrorism, the Swiss say they will provide information, but only under established judicial procedures.
LINKS: http://www.tax-news.com/asp/story/story.asp?storyname=5506
http://www.tax-news.com/asp/story/story.asp?storyname=5441
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SWISS FRANC SURGES UPWARD
In the last week the Swiss franc, always one of the world's strongest currencies, surged to new highs of value.
LINK: http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT3O70BWVRC
Even as the Swiss Parliament debates sale of gold reserves.
LINK: http://www.swissinfo.org/sen/Swissinfo.html?siteSect=111&sid=826413
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SWITZERLAND MAY JOIN UNITED NATIONS
Swiss voters have said 'no', but politicians are pushing the nation into UN membership.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=5442
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U.S. COURT BACKS BERMUDA TAX BREAKS
A US federal circuit court upholds UPS use of a Bermuda-based captive insurance company that cut taxes $1.8 billion.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=5500
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ST. KITTS-NEVIS DOES ITS PART
The tax haven of St. Kitts-Nevis offers US rescue workers, police and firemen in New York and Washington free vacations.
LINK: Click Here.
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* WEALTH *
NEW U.S. ANTI-MONEY LAUNDERING REPORT
US Treasury Dept. releases its 2001 National Money Laundering Strategy but terrorist attacks will force more refinements to the plan.
LINK: Click Here The 2001 Money Laundering Strategy Report is available for pdf download at LINK: http://www.treas.gov/press/releases/docs/ml2001.pdf
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U.K. LAWYERS MUST REPORT CLIENTS
British lawyers will lose the right to client confidentiality under new anti-money laundering laws.
LINK: http://news.independent.co.uk/uk/legal/story.jsp?story=95424
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RUSSIA ALLOWS PRIVATE LAND OWNERSHIP
MOSCOW. A long awaited law partially repeals a Soviet era ban on private ownership of land.
LINKS: http://english.pravda.ru/politics/2001/09/20/15715.html
http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT34UUXTURC
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ANTI-TERROR TRAVEL TIPS
A primer on what international travelers must do now.
LINK: http://www.nytimes.com/2001/09/23/business/23TRAV.html
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FINANCIAL TIMES SPECIAL
How September 11 will change the world.
LINK: http://specials.ft.com/aoa/FT3LXBCCWRC.html
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* PRIVACY & CIVIL RIGHTS*
AMERICAN NATIONAL I.D. CARDS?
A US national identity card system is pushed as a supposed counter terrorism measure.
LINKS: http://www.boston.com/dailyglobe2/267/business/ID_please%2b.shtml
http://www.siliconvalley.com/docs/news/svfront/ellsn092301.htm
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The Cato Institute says any national ID system will quickly expand into constant government surveillance.
LINK: http://www.cato.org/pubs/pas/pa237es.html
And here's one Brits decisive 'no' to ID cards.
LINK: http://www.guardian.co.uk/waronterror/story/0,1361,557355,00.html
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LIBERTY SUFFERS IN WARTIME
Don't let history repeat itself.
LINK: http://www.wired.com/news/politics/0,1283,47051,00.html
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CAUTION ON ANTI-TERROR LAWS
The Sovereign Society joins with over 135 groups joining to warn Congress against laws that "erode liberties."
LINK: Click Here ; http://www.indefenseoffreedom.org/
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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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