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10.02.01. Truth Betrayed. A-Letter.
THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Prosperity & Privacy in the Offshore World
Tuesday, October 2, 2001 - Vol. 3 No. 78
In This Issue:
* COMMENT: The Truth Betrayed
* MONEY LAUNDERING: A Redefinition at Freedom's Expense.
* OFFSHORE: Caribbean Havens Cooperate. Panama Slump. UK Labour Imperils Gibraltar. Zug: Switzerland's Own Tax Haven.
* WEALTH: World Uncertainty Report. Court Curbs Dominica Fraud. Foreign Investment in US May Drop. Bank Capital Requirements Cut.
* PRIVACY & CIVIL RIGHTS: Thoughts on Freedom & Liberty.
COMMENT: The Truth Betrayed
by Bob Bauman, Editor
Using the newly created terror imperative as their cover, leftist US politicians are scurrying to hang their favorite anti-offshore nostrums on the catch-all terrorist legislation about to sail though Congress. Last Friday we reported these opportunists want to ban much of US offshore correspondent banking and give the Treasury power to cut off foreign nations from the US banking system, a radical Clinton proposal that failed in Congress last year.
LINK: http://www.nytimes.com/2001/09/27/business/27BANK.html
Worse, it appears BUSH administration officials (and Clinton holdovers) have succeeded in getting the White House to endorse this major power grab over international banking and finance. This, even though all admit such legislation would have done nothing to stop the September 11 attacks, and likely will have little impact on future terrorism.
LINK: http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT30OUPW4SC
These totalitarian proposals have as their true goals abolition of financial privacy and increased tax collection. The lie is that this is sold as fighting "money laundering" and terrorism.
LINKS: http://news.independent.co.uk/business/news_analysis/story.jsp?story=96757
http://www.msnbc.com/news/635882.asp?cp1=1
http://globalarchive.ft.com/globalarchive/article.html?id=010929000535
Truth: the bin Laden money trail involves major nations and Islamic banks, not offshore tax havens, as the actual terrorist cash conduits.
LINKS: http://www.feer.com/2001/0110_04/p028region.html
http://www.washingtonpost.com/wp-dyn/articles/A43336-2001Sep28.html ; http://www.washingtonpost.com/wp-dyn/articles/A43161-2001Sep28.html ; http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT33N2B59SC
One of the few truly perceptive news reports concludes that: "The disclosures and suspicions about how the terrorists operated confirm what some...have argued for years: Efforts to crack down on money laundering in the Caribbean and elsewhere looked past holes in the US and other Western countries." A strongly recommended report at -
LINK: Click Here
That the Bush administration would so swiftly abandon its support for financial privacy rights is a testament to the stampede mentality of politicians. The terrorist threat is real. So are political threats to our freedoms and liberties from our own leaders.
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* MONEY LAUNDERING *
MONEY LAUNDERING REDEFINED
For a decade "anti-money laundering" laws have aimed at dirty cash from the Mafia, drugs kingpins and tax evaders, not terrorists. And because Islamic or other terrorist cash is highly unlikely to be detected by such laws, the new expansion of such laws will only do more to destroy financial freedom while stopping few terrorists.
LINK: http://www.economist.com/finance/displayStory.cfm?Story_ID=798424
Global government advocates are touting more power for the notorious Financial Action Task Force (FATF), a group noted primarily for the indiscriminate blacklisting of offshore haven nations.
LINKS: http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT3HOMPB6SC
http://news.independent.co.uk/business/news/story.jsp?story=96804
A top German FATF official called for international sanctions on nations accused of being lax on dirty cash, even as Germany itself began curbing its own freedoms, using the terrorism excuse.
LINK: Click Here ; http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT3XRMV79SC
And the PHILIPPINES, on the FATF blacklist, finally gets its own new anti-ML law in place, under FATF threat of sanctions.
LINK: http://www.abs-cbnnews.com/abs/inews-sep2001.nsf/national/20010930037
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WHAT'S MONEY LAUNDERING ALL ABOUT?
LINK: http://www.it-analysis.com/article.php?id=1650
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* OFFSHORE *
CARIBBEAN HAVENS COOPERATE
Although no terrorist cash has been found in their financial systems, all Caribbean haven nations have cooperated fully with US requests for information and account searches.
LINK: http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT3HM62B5SC
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PANAMA GROWTH
Now emerging as a leader among offshore haven nations, Panama's economy is hit by the global slowdown.
LINK: http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT37MEXB6SC
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BRITISH LABOUR ABANDONS GIBRALTAR
Politicians on the Rock see a possible UK sellout to Spain of this major European tax haven colony.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=5609
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SWITZERLAND'S OWN TAX HAVEN
The shooting rampage in ZUG spotlights the canton known as Switzerland's own domestic tax haven. LINK: Click Here
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* WEALTH *
BUSINESS WEEK SPECIAL REPORT
As aftershocks of Sept. 11 spread, the extent of the tragedy is just becoming apparent. From Washington to Islamabad, the one word that captures the near future is "uncertainty."
LINK: http://www.businessweek.com/magazine/toc/01_41/B3752newworld.htm
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OFFSHORE FRAUD HIT BY U.S. COURT RULING
A $5.5 million Internet fraud based in DOMINICA has been hit by a US appeals court ruling with wide implications for Net fraud. LINK: http://www.businessweek.com/technology/content/sep2001/tc20010921_9214.htm
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WILL FOREIGN INVESTMENT FLEE U.S.?
The US is hooked on foreign cash investment. Will it dry up?
LINK: Click Here.
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BANK CAPITAL REQUIREMENTS CUT
International banking regulators revise plans for the amount of capital banks must hold, cutting the proposed charge from 20% to 12%.
LINK: Click Here.
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* PRIVACY & CIVIL RIGHTS *
THOUGHTS ON FREEDOM & LIBERTY
In the wake of September 11, some observations for consideration: * U.S. Rep. Ron PAUL (R-Tex) looks at "War, Peace & Liberty"
LINK: http://www.house.gov/paul/congrec/congrec2001/cr092501.htm * Prof. Pierre LEMIEUX, Sovereign Society advisor, on "The Lessons of Terrorism." LINK: http://www.pierrelemieux.org/artterror.html
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Americans are willing to sacrifice their civil liberties.
LINK: http://www.washingtonpost.com/wp-dyn/articles/A42864-2001Sep28.html
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The White House says ID cards are not in the cards.
LINK: http://www.newsbytes.com/news/01/170596.html
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But Tony BLAIR says Brits may have liberties curbed.
LINKS: http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT3T99K79SC
http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT36HASC6SC
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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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