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10.16.01. Is There A Tax Haven Future. A-Letter
THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Prosperity & Privacy in the Offshore World
Tuesday, October 16, 2001 - Vol. 3 No. 82
In This Issue:
* COMMENT: Do Tax Havens Have a Future?
* LEGISLATIVE UPDATE: US Congress Passes Anti-Terror Bills.
* OFFSHORE: Curb on US Visas. Caymans Sued Over Bank Bribe. Grenada Kills Economic Passports. Bahamas Freezes Terror Account. UK Informants. Italy Accused. Luxembourg Firm on Privacy. Cook Islands Too. Clean Cash Philippines. Bermuda Insurance Loophole.
* WEALTH: Hedge Funds Prosper. New York Bank Robbery. Germany Cracks Down on Tax Evasion. Swiss Holocaust Bank Myth? Southern Africa Woes.
* PRIVACY & CIVIL RIGHTS: PGP Software Cut. Encryption Lives. Smart Cards Pushed. German IDs. US Detentions. UK Terror Laws.
COMMENT: Do Tax Havens Have a Future?
by Bob Bauman, Editor
In spite of all the gloom and doom, your editor thinks there is, and always will be, a role for offshore tax haven nations as part of the international financial community. Money does talk, and when it comes to tax havens, we are talking trillions of dollars in assets and millions in tax savings.
The Financial Times thinks: "There is a big question mark over their survival, though. The US has proven that it can strong-arm reluctant jurisdictions when it so chooses, as the example of the holocaust survivors' money held in Swiss bank accounts shows. It is now pushing through sweeping new powers that could effectively close down tax havens that do not respond to pressure for better disclosure and greater exchange of information."
LINK: http://globalarchive.ft.com/globalarchive/article.html?id=011013001067
So don't give up just yet. An array of libertarian groups, including the Sovereign Society, have been working relentlessly, if quietly, to blunt new anti-offshore laws that give US authorities unchecked power over the offshore financial world. (See the legislative update below).
LINKS: http://www.indefenseoffreedom.org/
http://www.usnews.com/usnews/issue/011022/biztech/22launder.htm
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* LEGISLATIVE UPDATE *
LEGISLATIVE UPDATE
Late last week each house of the US Congress passed so-called "anti-terrorism" bills which significantly increase police powers over wiretapping, e-mail and computer surveillance and detention of suspects.
SENATE BILL LINK: http://www.washingtonpost.com/wp-dyn/articles/A46480-2001Oct11.html
HOUSE BILL LINK: http://www.washingtonpost.com/wp-dyn/articles/A52291-2001Oct12.html
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The worst anti-offshore provisions described in The A-Letter last Friday (Oct. 12) were contained only in the US Senate bill. At this writing it is unclear whether those restrictions will survive in the final bill adopted by both houses. For a description of the Senate anti-offshore provisions, see -
LINKS: http://cbsnews.com/now/story/0,1597,314522-412,00.shtml
Click Here
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A companion House anti-offshore bill was reported from committee but not taken up by the full House as part of their anti-terror bill. It may be considered later this week but efforts are being made to sidetrack it. House Republican leaders sympathetic to offshore concerns pulled all money laundering provisions from the House anti-terrorism bill.
LINKS: Click Here ; Click Here
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For an interesting Web reprint of a 1994 series of articles from The Economist entitled "Islam and the West," go to -
LINK: http://www.economist.com/surveys/displaystory.cfm?story_id=812816
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* OFFSHORE *
U.S. MAY CURB LIBERAL VISA PROGRAM
WASHINGTON. The State Department may curb a program that allows people from 29 countries to enter the US without visas.
LINK: Click Here
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CAYMANS SUED OVER POSSIBLE BANK BRIBE
GEORGETOWN, C.I. An offshore bank is suing the Cayman Islands government for the return of a mysterious $2.5 million (£1.72m) payment related to obtaining its banking license.
LINKS: http://news.independent.co.uk/business/news/story.jsp?story=99310
http://www.tax-news.com/asp/story/story.asp?storyname=5838
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GRENADA SUSPENDS PASSPORT PROGRAM
ST. GEORGE'S. Grenada suspends its program allowing foreigners to buy quick economic citizenship, saying it was too risky after terrorist attacks in the US. BELIZE and NEVIS still have similar programs.
LINK: Click Here
Grenada's prime minister say no evidence of terrorist cash there.
LINK: Click Here
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BAHAMAS FREEZES ALLEGED TERRORIST ACCOUNT
NASSAU. The government has frozen a $20 million account at a leading bank claiming it is linked to a suspected terrorist.
LINK: http://www.tbwt.com/content/article.asp?articleid=2031
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E.U. LAWYERS & ACCOUNTANTS MUST BE INFORMANTS
New EU rules say professionals must inform police if they suspect a client is involved in money laundering.
LINK: http://www.euobserver.com/index.phtml?selected_topic=9&action=view&article_id=3778
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ITALY ACCUSED
Critics charge PM Silvio BERLUSCONI is weakening Italian anti-money laundering laws to save his own skin.
LINKS: http://www.businessweek.com/magazine/content/01_43/b3754120.htm
http://www.tax-news.com/asp/story/story.asp?storyname=5831
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LUXEMBOURG BANK SECRECY STAYS
The prime minister says terrorism funds and bank secrecy are different issues and his nation wont end its financial privacy laws alone.
LINK: http://www.brecorder.com/story/000000/200110/20011008/200110080038.shtml?Top~Stories
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COOK ISLANDS DEFENDS FINANCIAL PRIVACY
RAROTONGA, C.I. In spite of criticism, this Pacific tax haven stands by the financial privacy laws that have made it an offshore center.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=5818
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PHILIPPINES ADOPTS CLEAN CASH LAW
MANILA. A new anti-money laundering law is aimed at getting the Republic off the FATF black list.
LINK (free reg req): http://www.nytimes.com/2001/10/13/business/worldbusiness/13PHIL.html
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BERMUDA INSURANCE LOOPHOLE
After huge damage claims for terrorist attacks, Bermuda insurers are creating new companies and ways to meet insurance needs.
LINKS: http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT33D2G7TSC ; http://www.tax-news.com/asp/story/story.asp?storyname=5834
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* WEALTH *
HEDGE FUNDS WEATHER THE STORM
LONDON. Private bankers report strong investor demand for hedge funds and the industry appears to be weathering the volatility.
LINK: http://www.miami.com/rc/business/docs/10306550.htm
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$5 MILLION NEW YORK BANK ROBBERY
The State of New York fines the Commercial Bank of New York $5 million for allegedly being lax on money laundering in its private banking unit. No crimes charged, no money laundering proven. Pay anyway!
LINK: http://www.nandotimes.com/business/story/130881p-1361195c.html
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GERMAN TAX EVASION SOON A CRIME
Add to a centralized government roster of all bank accounts, lumping tax evasion together with money laundering as crimes.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=5790
The German Central Bank is trying to stop panic dollar buying caused by the euro and the death of the Deutschmark.
LINK: Click Here.
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SWISS BANK MYTH?
Most dormant Swiss bank accounts turn out not to belong to Holocaust survivors, but to non-Jews who forgot their money.
LINK: ttp://www.thetimes.co.uk/article/0,,3-2001354387,00.html
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SOUTHERN AFRICA NEWS
JOHANNESBURG. The South African rand falls to it lowest level ever against the dollar.
LINK: http://www.bday.co.za/bday/content/direct/1,3523,946880-6079-0,00.html
In ZIMBABWE Pres. Robert MUGABE imposes national socialism as white owned farms and businesses are confiscated.
LINKS: http://ap.tbo.com/ap/breaking/MGAH9N4LUSC.html
http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT3OD3YGUSC
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* PRIVACY & CIVIL RIGHTS *
COMPANY DROPS PGP SOFTWARE PRODUCTION
Network Associates ends commercial production of PGP encryption software, but it's still available in free downloads.
NEWS LINK: http://www.newsbytes.com/news/01/171061.html
Free PGP download LINK: http://web.mit.edu/network/pgp.html
PGP Security LINK: http://www.pgp.com
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ENCRYPTION WILL STAY
A special Cato Institute report explains why curbs on encryption wont work, wont help national security and should be defeated.
LINK: http://www.cato.org/tech/tk/011011-tk.html
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"SMART CARDS" GET A SECOND LOOK
Smart cards, with embedded computer chips, now being touted by their makers as the new national identity card for Americans.
LINK: http://ap.tbo.com/ap/breaking/MGAJY8L6TSC.html
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GERMANY IMPOSES FINGER PRINT I.D.
The German government will require finger print ID on all passports and other identity documents.
LINK: Click Here
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U.S. DETAINS HUNDREDS IN SOLITARY
With no charges against them, hundreds of persons are being held in secret by the US government as suspected terrorists.
LINKS: http://www.csmonitor.com/2001/1015/p2s2-usju.html ; http://www.washingtonpost.com/wp-dyn/articles/A59466-2001Oct14.html
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U.K. PROPOSES MORE ANTI-TERROR LAWS
LONDON. PM Tony BLAIR wants a sweeping anti-terrorism bill that makes criminal 'religious hate' and gives extra police powers to investigate terrorist suspects and seize assets.
LINKS: Click Here ; 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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