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10.30.01. Better Than Expected. A-Letter.
THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Prosperity & Privacy in the Offshore World
Tuesday, October 30, 2001 - Vol. 3 No. 86
In This Issue:
* COMMENT: Better Than Expected
* OFFSHORE: Panama Praised. Swiss Money Cleaner than US Rock on the Block? UK Citizenship for OSTs. German Banks Object. US Ignores Terror Cash Source: Saudi Arabia. Corrupt Nations Guide. US Border Backup.
* WEALTH: FATF Emergency Meeting. Innocent Canadians to Suffer. Is Private Banking Dead? OECD Butts In Again. Offshore Funds OK. UK Accountant Police Agents. Russian Land Sales. Diamonds in Trouble.
* PRIVACY & CIVIL RIGHTS: 'Nothing to Hide!' 342 page 'Patriot Act" assaults freedoms of speech, privacy, from search & seizure.
COMMENT: What Might Have Been Better Than Expected
by Bob Bauman, Editor
Dan MITCHELL of the Center for Freedom and Prosperity, commenting on the anti-terror law's application to offshore finance says: "The good news is advocates of tax competition were able to remove language that could have been used to sanction jurisdictions for having attractive tax laws. This is a big victory." His explains that victory at -
LINK: http://www.freedomandprosperity.org/memos/m10-28-01/m10-28-01.shtml
That success reflects a statement by US Treas. Dept. International Tax Counsel, Barbara Angus, who confirms the Bush administration has not changed its opposition to the OECD "harmful tax competition" campaign to force tax havens to impose taxes. Says she: "We believe it is not proper for us to support any country or group of countries to interfere with the internal tax policy decisions of other countries." Worldwide Tax Daily (October 19, 2001)
The final law could have been worse for US and offshore banks. These articles explain how it was changed to avoid the worst restrictions.
LINKS: http://www.tax-news.com/asp/story/story.asp?storyname=6038
http://www.charlotte.com/observer/business/pub/banks1026.htm
http://www.sunone.com/articles/2001-10-28f.shtml
How the law could affect your offshore banking and financial activities, & every business that sells high cost items, homes, jewelry, autos. Extending to securities firms, it could even end online stock trading.
LINKS: http://www.csmonitor.com/2001/1026/p3s1-uspo.html and Click Here.
The law means drastic new changes in US banking law, especially for banks in all foreign nations -- not just offshore tax havens.
LINK: http://www.csmonitor.com/2001/1026/p8s2-comv.html
"The anti-money laundering law will not advance the war against terrorism." It might have advanced the agenda of those who favor high taxes; how explained here by the Cato Institute.
LINKS: http://www.cato.org/dailys/10-26-01.html and http://www.freedomandprosperity.org/Articles/wsje10-24-01/wsje10-24-01.shtml
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JOIN US IN CHICAGO NOVEMBER 7! Sovereign Society holds our Chicago Freedom Forum, Nov. 7, 2001 the Westin Michigan Ave. Hotel. Speakers: Peter Zipper, Anglo Irish Bank; Don Hosmer, Royale Energy, Inc. & Bob Meier, veteran financial analyst. Register or learn more. Phone Michael Whetstine, conference manager, in the US +1.410.223.2645.
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* OFFSHORE *
PANAMA PRAISED FOR ANTI-TERROR HELP
US officials give PANAMA high marks for cooperation in tracing terror cash as this leading tax haven defends against false slurs.
LINKS: http://www.nytimes.com/2001/10/26/international/americas/26BANK.html
http://www.tax-news.com/asp/story/story.asp?storyname=6022
But freedom of the Panama press is another matter.
LINK: http://www.nytimes.com/2001/10/28/international/americas/28PANA.html
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SWISS BANKS CLEANER THEN U.S.
The Swiss offer far better financial privacy protections, but are far tougher then the US when it comes to stopping dirty cash.
LINK (free reg req): http://www.forbes.com/forbes/2001/1112/080s01.html
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IS THE ROCK ON THE BLOCK?
The future of tax haven GIBRALTAR is at stake as UK Labour politicians may capitulate to Spain in talks with a 2002 deadline.
LINKS: http://www.tax-news.com/asp/story/story.asp?storyname=6042 ; Click Here
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OSTs TO GET U.K. CITIZENSHIP
LONDON. A new law will give 200,000 citizens of British overseas territories full U.K. citizenship.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=6044
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GERMAN BANKS OBJECT TO MASTER FILE
FRANKFURT. No need to list every bank account holder to trace a few suspects.
LINK (subscribers only): Click Here
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U.S. IGNORES MAJOR SOURCE OF TERROR CASH
It's SAUDI ARABIA, stupid, not offshore tax havens!
LINK: http://www.newyorker.com/FACT/?011022fa_FACT1
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GUIDE TO CORRUPT NATIONS
Transparency International's new country corruption ratings.
Pdf download LINK: http://www.globalcorruptionreport.org/
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AVOID NORTH OR SOUTH OF THE BORDER?
Planning a trip to Canada or Mexico? Allow lots of time for border crossings into the USA.
LINK: http://www.iht.com/articles/36897.htm
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* WEALTH *
FINANCIAL ACTION TASK FORCE
WASHINGTON. Their first 'emergency meeting' is held to counter terror cash, but FATF wants much broader powers.
LINKS:Click Here
http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT33JVV4DTC
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SORRY ABOUT THAT, EH?
OTTAWA. Innocent Canadians are likely to be caught in the new anti-terrorist dragnet and have assets seized.
LINK: Click Here http://www.tax-news.com/asp/story/story.asp?storyname=6021
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PRIVATE BANKING: R.I.P.?
We don't think it's dead, but FORBES magazine raises the question.
LINK (free reg req) http://www.forbes.com/forbes/2001/1112/080.html
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I.R.S REGS WOULD BOMB FLORIDA BANKS
Florida banks that hold $49 billion in non-resident alien deposits may lose $18-$34 billion under IRS foreign interest reporting rules.
LINKS: http://www.newscoast.com/2news.cfm?ID=55064
http://www.miami.com/herald/content/business/digdocs/033243.htm
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O.E.C.D. WANTS CORPORATE TAX ENFORCEMENT
The busybody OECD now demands international tax collecting powers aimed at offshore corporate subsidiaries and affiliates.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=6018
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OFFSHORE FUNDS FLEE U.S. RISK
Business Week surveys the investment climate offshore.
LINK: http://www.businessweek.com/magazine/content/01_45/b3756158.htm
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U.K. MAKES TAX ADVISORS POLICE AGENTS
New law makes private tax advisors report suspicious activity.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=5990
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RUSSIAN LAW ALLOWS LAND SALES
Pres. Putin signs law permitting limited Russian land sales, but it covers only 3-10% of all land.
LINK: http://www.abcnews.go.com/wire/World/ap20011026_395.html
And the Russian economy actually may be growing.
LINK: http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT3XHC3OETC
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DIAMONDS NO LONGER DeBEERS BEST FRIEND
De Beers banks on love to find way out of diamond sales slump.
LINK: http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT3E0KDDATC
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SUDDEN TRAVEL BARGAINS
Now's the time to go almost anywhere at new low prices.
LINK (free reg req) http://www.forbes.com/forbes/2001/1112/156.html
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* PRIVACY & CIVIL RIGHTS*
STUPID ILLOGIC: 'NOTHING TO HIDE'
Perverse government, police power grabs destroy the right to privacy: "If you're not guilty, then what have you got to hide?"
LINK: Click Here
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U.S. ANTI-TERRORISM/ANTI-FREEDOM LAW
"This is panicky legislation that, in seeking to reduce one set of dangers, unnecessarily creates another."
LINK: http://www.washingtonpost.com/wp-dyn/articles/A53754-2001Oct25.html
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The devil is in the details and at 342 pages, the USA Patriot Act may hide poison pill provisions that could cost the innocent their freedom.
LINK: http://www.denverpost.com/Stories/0,1002,417%257E197893,00.html
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Here's how the new law could affect your life and liberty.
LINK: http://www.journalnow.com/wsj/news/MGBMUT3WATC.html
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New police powers law raises serious privacy concerns.
LINK: http://www.businessweek.com/technology/cnet/stories/7671240.htm
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And freedom of speech could be a victim as well.
LINK: Click Here.
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No 'sunset provisions' here; police get permanent power for Internet surveillance w/o a court order, secretly search homes, offices, share confidential grand jury information with the CIA.
LINK: http://www.wired.com/news/conflict/0,2100,47901,00.html
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Text of law signed Friday by Pres. Bush.
Pdf file download 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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