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10.26.01. Offshore Finance Still Lives. A-Letter
THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Prosperity & Privacy in the Offshore World
Friday, October 26, 2001 - Vol. 3 No. 85
In This Issue:
* COMMENT: Offshore Still Lives. Anti-Money Laundering Explodes.
* GOOD NEWS: I.R.S. Foreign Depositors Rules May Die. The Truth The Wall Street Journal (US) Wont Publish, but WSJ Europe Does.
* OFFSHORE: US Treas. Official Flips on Havens. Havens Anti-Terror Cooperation. Monaco-France Accord. Liechtenstein Reborn. More Grenada Fraud. Haven Puerto Rico? New Tax Savings Report.
* WEALTH: New US Financial Crime Task Force. Canada Hits Tax Advisors. N.Z. Tax Cut. HK$-US$ Peg. EU Hog Ties Business. FATF Controls. US Brokers as Money Police. Wall St. Touts Offshore Hedge Funds.
* PRIVACY & CIVIL RIGHTS: New Law. Secret Searches. Wiretaps. Carnivore. X-Rays. ID Cards. Torture? Illegal Detention? Halloween?
COMMENT: Offshore Finance Still Lives
by Bob Bauman, Editor
Just when I'm ready to give up completely on The Financial Times, it publishes an article about offshore finance that makes some sense. Yesterday just such an article featured the views of noted asset protection attorney Gideon ROTHSCHILD, with whom I have had the pleasure of working on asset protection issues and publications.
LINK: http://www.mosessinger.com/attorneys/rothschild_g.shtml
We concede that offshore financial privacy may well be curbed by the new US 'anti-terrorism' law (see below), especially if its use and application is directed at tax haven governments and banks to support US government demands for information fishing expeditions. (Does anyone really believe these powers will be limited to 'terrorism'?)
But secrecy has never been the central reason for going offshore, although that's been a welcome benefit for privacy starved Americans and others. Indeed, letting asset hunting claimants know that your assets are offshore usually brings a quick and reduced settlement.
The FT articles points out that no matter what happens to offshore financial secrecy (privacy), asset protection will remain as a major bulwark in any sensible financial plan. What's more, current offshore annuity and life insurance vehicles allow tax deferral and a measure of control over investments, even some estate tax savings.
We'll have more to say about why "offshore" is very much alive, if not quite as well as before, but for the moment, read FT at -
LINK: http://globalarchive.ft.com/globalarchive/article.html?id=011025000425
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A WORLDWIDE MONEY CONTROL CLEARINGHOUSE?
At a time when most news media thoughtlessly dishes out sensational garbage, it's refreshing to read a well-researched article that tells the truth. Such an article appeared in The Boston Globe (Oct 24).
It details why all the current anti-money laundering laws and associated hysteria wont catch many incipient terrorists. But it also projects creation of a world money control agency that will destroy financial privacy by presuming everyone is a potential money criminal.
LINK: Click Here
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DO YOU THINK EVERYTHING IS GOING TO HELL?
Albert Jay Nock explained why you should fight the good fight. A must read at -
LINK: http://www.fee.org/iol/1997/march%2097/nock.html
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* GOOD NEWS *
I.R.S. FOREIGN DEPOSITORS RULES MAY DIE
Washington insiders say the Bush administration will bury a Clinton IRS proposal to have all US banks report to the IRS interest earned by foreign depositors, thence to home country tax collectors.
LINK: http://www.miami.com/herald/content/business/digdocs/033243.htm
Sovereign Society advisor Marshall J. LANGER says these IRS rules could cause an outflow of millions from US financial markets.
LINK: Click Here
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HIGH TAX NATIONS PHONY CAMPAIGN AGAINST TAX HAVENS
You wont read this in the US edition of the Wall Street Journal. They reject articles defending tax havens the WSJ European editors publish. Excellent summary of what's really happening.
LINK (subscribers only): Click Here
And Dan Mitchell of Heritage Foundation exposes anti-money laundering and anti-terror laws as a cover for higher tax collections. LINK: http://www.heritage.org/library/backgrounder/bg1492.html
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* OFFSHORE *
BUSH U.S. TREASURY OFFICIAL SELLS OUT
What a difference terror politics make! Asst US Treas Sec. who opposed OECD attacks on tax havens, now claims tax havens "create fertile ground for terrorist financing," offering no proof, of course.
LINK: Click Here
But Bush officials praise anti-terror 'coalition partner' SAUDI ARABIA, even tho' it wont help chase terror cash at all.
LINK (subscribers): http://interactive.wsj.com/archive/retrieve.cgi?id=SB1003785424666760360.djm
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TAX HAVENS PLEDGE TERROR COOPERATION
Haven nations have cooperated fully in terror account freezes, but sovereign nations don't want to be dictated to by anyone on taxes.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=5975
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A MIRACLE: FRANCE, MONACO AGREE
On strong anti-money laundering controls.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=5970
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LIECHTENSTEIN TRANSFORMED
This former redoubt of absolute financial privacy now boosts it has no financial privacy for terrorists, money launderers. LINKS: http://www.tax-news.com/asp/story/story.asp?storyname=5967; http://www.tax-news.com/asp/story/story.asp?storyname=5953
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ANOTHER GRENADA FINANCIAL FRAUD
Hundreds bilked of $40m in yet another Grenada based fraud.
LINK: http://triangle.bcentral.com/triangle/stories/2001/10/22/story4.html
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PUERTO RICO PLANS OFFSHORE HAVEN
SAN JUAN. It wants to be an offshore financial center, but who wants to be under US courts and US government jurisdiction? LINK: http://www.tax-news.com/asp/story/story.asp?storyname=5947
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NEW TAX SAVINGS REPORT
Vern JACOBS CPA, Sovereign Society expert tax advisor, has a new 70 page report for you - "Legal Ways to Save Taxes Offshore or Onshore."
LINK: http://www.offshorepress.com/legalways2save.htm
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Your Web Directory of all the World's Embassies & Consulates.
LINK: http://www.embassyworld.com/
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Click Here for full details on this unknown haven.
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* WEALTH *
NEW CASH FORFEITURE U.S. TASK FORCE
The Bush administration announced yesterday a national anti-crime task force to freeze assets, seize cash, impose fines and prosecute financial crimes. Anti-terrorism is the original focus, but.....!
LINKS: http://ap.tbo.com/ap/breaking/MGAUZQMY8TC.html
http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT3MTZ4U8TC
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CANADA ATTACKS TAX ADVISORS & CLIENTS
OTTAWA. Shut up! High tax Canada's tax collectors will hit tax shelter advisors with severe penalties if their tax savings advice goes too far. LINKS: http://www.tax-news.com/asp/story/story.asp?storyname=5963 ; http://www.tax-news.com/asp/story/story.asp?storyname=5897
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NEW ZEALAND CUTS OFFSHORE TAXES
WELLINGTON. The NZ government aims to attract foreign investment by cutting offshore corporate taxes. About time!
LINK: http://www.chinadaily.net/cndy/2001-10-25/40380.html
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HONG KONG HANG$ IN
The HK Monetary Authority defends the HK$ peg to the US$.
LINK: http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT39P35I7TC
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E.U. BUREAUCRATS HOG TIE BUSINESS
BRUSSELS. Now the EU wants to force all businesses to give workers a voice in management decisions as a matter of law.
LINK: Click Here
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FATF EX-OFFICIAL WANTS TOTAL CONTROL
An ex-FATF bureaucrat says anti-money laundering laws should be used to remove all financial privacy, ease forfeiture.
LINK: http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT38V7LH7TC
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U.S. MAY FORCE BROKERS TO ACT AS MONEY SPIES
Not content with bankers as police spies, now the US government wants mutual funds & stock brokers to join the money police.
LINK: http://news1.iwon.com/article/id/179532|politics|10-24-2001::20:51|reuters.html
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WALL STREET TOUTS OFFSHORE HEDGE FUNDS
Times are hard, but hedge funds are still good investments for high net worth individuals, so brokers are pushing them. LINK: http://www.thestreet.com/markets/kristenfrench/10002870.html
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* PRIVACY & CIVIL RIGHTS *
BUSH, U.S. CONGRESS ADOPT 'ANTI-TERROR' LAW
WASHINGTON. Curbing personal liberties and constitutional rights, the "representatives of the people" save American freedoms from terrorists by curbing American freedoms.
LINKS: http://ap.tbo.com/ap/breaking/MGAIK9U49TC.html
http://www.foxnews.com/story/0,2933,37180,00.html ; http://www.washingtonpost.com/wp-dyn/articles/A47814-2001Oct24.html
Vastly expanded police powers restricting your rights explained.
LINKS: http://www.foxnews.com/story/0,2933,37202,00.html
http://www.csmonitor.com/2001/1023/p1s3-usju.html
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NEW U.S. ANTI-TERROR HUNT BEGINS TODAY
Within hours after signing the new law, police are on the march.
LINK: Click Here
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NOW YOU MAY BE SUBJECTED TO:
* warrantless secret police searches of your home and office.
LINK: http://www.independent.org/tii/news/011022Gurantz.html * greatly expanded wiretapping of phones and the Internet. LINK: http://www.foxnews.com/story/0,2933,37203,00.html * x-rays & electronic strip searches, sniffing and scans. LINK: http://seattletimes.nwsource.com/html/localnews/134357731_geewhiz23m.html
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CARNIVORE CURBED?
Rep. Armey slips in warrant requirements for Carnivore.
LINK: Click Here
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NATIONAL I.D. CARDS FOR ALL?
Why not?
LINKS: http://www.nationalreview.com/daily/nr102301.shtml
http://inq.philly.com/content/inquirer/2001/10/21/opinion/LEVY21.htm
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AND HOW ABOUT TORTURE?
LINK: http://www.washingtonpost.com/wp-dyn/articles/A27748-2001Oct20.html OR ILLEGAL DETENTION? LINK: http://www.csmonitor.com/2001/1018/p18s2-usju.html
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Another Sept. 11 tragedy: the fear of terrorism is used to barter away rights supposedly guaranteed, without exceptions, to all Americans.
LINK: http://www.antiwar.com/orig/kubby3.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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