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Your Link to Freedom, Privacy & Prosperity in the Offshore World A Web Publication of the Sovereign Society, Ltd.
================================================ THE SOVEREIGN A-LETTER A Web Publication of the Sovereign Society, Ltd. Your Link to Freedom, Privacy & Prosperity in the Offshore World Vol. 2 No. 29 - July 21, 2000 ================================================ IN THIS ISSUE: * Opposition to US Anti-Offshore Legislation Grows * FinCEN Issues Official Offshore Warnings * Caribbean News Roundup: Barbados, Bahamas, St Vincent, USVI * Bermuda: Secret OECD Deal? Bank of Bermuda Unchanged * Malta-Jersey Alliance? * Mauritius Clean Up * EU Anti-Austrian Boycott Fading * Opinion: Should Low Tax Countries Be Punished? * $$ THE OFFSHORE MONEY MANUAL $$ ................................................................... + WEALTH + * Swiss Financial "Secrecy" Out of Fashion * World Tax News: OECD, UK, Russia * European Crime: City by City Travel Guide * $$ "YOUR MONEY OR YOUR LIFE" - THE VIDEO $$ ................................................................... + PRIVACY + * UK Net Snoop Power Nears * Can Encryption Protect Taxpayers from the IRS? * Encryption, Finance, Freedom, and You ================================================ Clinton Anti-Offshore Plans Opposed ........................................................ A coalition spanning the US political spectrum has joined in opposition to plans in the US Congress to give the government even greater power to intrude into Americans' financial affairs, especially those involving offshore banking and finance. LINK: http://www.wired.com/news/business/0,1367,37566,00.html For US Rep. Ron Paul's (R-Tex) statement opposing the bill, HR 3886, go to LINK: http://www.house.gov/paul/press/press2000/pr071900bank.htm ============================ FinCEN Issues Official Offshore Warnings ............................................................... The US acted quickly against havens on the FATF blacklist. The US Treasury Financial Crimes Enforcement Network (FinCEN) issued official "advisories" about doing business with the 15 nations including the Bahamas, Cayman Islands, Liechtenstein, Panama, St Kitts & Nevis and St Vincent & the Grenadines. LINK: (slow loading) http://www.cnn.com/2000/WORLD/americas/07/12/us.banking.crime.ap/index.html FinCEN: http://www.treas.gov/fincen/ (scroll down) ================== Caribbean News Roundup ....................................... BRIDGETOWN. BARBADOS Prime Minister OWEN ARTHUR said the US advisories against 5 Caribbean offshore havens will hurt the region. He called the US action "a snow job" to cover the fact that most money laundering occurs in the US and the UK. LINK: http://www.cananews.com/cbi/businessupdate577.htm ....................................... NASSAU. Smarting from its inclusion on the FATF blacklist, the BAHAMAS government says it will co-operate with the US "without delay" to remedy any money laundering problems, according to an official statement from the Cabinet. LINK: http://www.tax-news.com/html/oldnews/st_jbaadvisory_18_07_00.htm ......................................... KINGSTOWN, St Vincent. Finance Minister ARNHIM EUSTACE says the Offshore Finance Authority has revoked the licenses of six of the 15 authorized banks in the island nation. LINK: http://www.tax-news.com/html/oldnews/st_revoke_14_07_00.html ========== Bermuda News ...................... HAMILTON: Finance Minister COX denies any "secret deal" to stay off the OECD blacklist, but wont say what was agreed. LINK: http://www.tax-news.com/html/oldnews/st_jbrCox_17_07_00.htm Reports say Bermuda appears
ready to compromise financial privacy and enforce foreign tax laws. LINK:
And the BANK of BERMUDA claims
it sees no "major changes in the areas of exchange of information or transparency"
from the way it acts now.
Are Trial Lawyers Running America? ...................................................... An outrageous US$145 billion verdict of a Florida jury against the tobacco industry shows that trial lawyers are supplanting politicians as the most powerful and dangerous group in America. LINK:(slow loading) http://www.cnn.com/2000/LAW/07/16/tobacco.smokers/index.html LINK: http://www.liberzine.com/jamesmarkels/000717tobacco.htm ============================ Swiss Financial "Secrecy" Out of Fashion? ............................................................... The International Herald Tribune claims the SWISS people and Swiss bankers think financial "secrecy is out of fashion" - but our Swiss sources say that certainly is not a majority view. LINK: (scroll down) http://www.iht.com/IHT/TODAY/FRI/FIN/ubs.2.html ................................ The acquisition of PAINE WEBBER by UBS has everything to do with private banking, and very little to do with investment banking. LINK: http://www.tax-news.com/html/oldnews/st_ubs_13_07_00.html =============== WORLD TAX NEWS: .................................. The Organization for Economic Cooperation and Development, complainers about "harmful tax competition" from tax haven nations, admits 19 of its own members operate tax loopholes which enable wealthy companies and individuals to escape paying taxes to the state. LINK: http://www.guardianunlimited.co.uk/Archive/Article/0,4273,4033983,00.html ..................................... Drastic German Tax Cuts ..................................... The GERMAN Reichstag has adopted major corporate tax cuts, from 40% to 25% next, plus abolition of corporate capital gains tax on the sale of share holdings, key to the restructuring of German industry. An economic boom is predicted. LINKS: http://www.tax-news.com/html/oldnews/st_germantax_17_07_00.html ...................................... Immobile Brits Pay Taxes ...................................... "BRITISH people are no longer taxed on their income, but on their immobility. Only those who cannot move are obliged to pay." LINK: http://www.guardianunlimited.co.uk/Archive/Article/0,4273,3977322,00.html ....................... What Taxes Do ....................... The major effects of taxation are unseen: purchases not made, businesses not started and options precluded. LINK: http://www.mises.org/fullstory.asp?control=462&FS=Seen+and+Unseen ........................... Russian Tax Police ............................ Until recently a RUSSIAN I.R.S. would have been a joke - but not any more, as tax arrests multiply. LINK: http://www.tax-news.com/html/oldnews/st_russiatax_14_07_00.html .......................................................... Boris Berezovsky: Tycoon under Siege .......................................................... Russia's most notorious oligarch could become Vladimir PUTIN's biggest target. Business Week special story on political upheaval in Moscow. LINK: http://www.businessweek.com/2000/00_30/b3691184.htm ........................................... And will the last of the ROMANOVS, Tsar Nicholas II, be made a saint? LINK: http://www.sptimes.ru/special/tsar/sainthood.htm ==================== European Crime: City by City ............................................ Traveling in Europe this summer? Here's the lowdown on crime in London, Amsterdam, Prague, Moscow, Istanbul, Rome, Paris and Madrid. Where to avoid, what to do and not do. LINK: http://www.nytimes.com/library/travel/europe/000716crime.html =============================== Your Own 90 Minute World Tax Haven Tour! ..................................................................... Here's the talked about video that takes you on a worldwide tour of tax havens. In an informative 90 minutes, "Your Money & Your Life" gives you the flavor, the feel, the spirit of the Bahamas, Monaco, Andorra, Ireland, Malta, even that mysterious Swiss/Italian enclave, Campione d'Italia. Banks, businesses, investments, retirement real estate - this video tour is a must for those considering going offshore. And it comes with a 138 page guide book filled with contacts and info. Get the tape & guide for a newly reduced price of just US$49. Mail orders to: The Sovereign Society, PO Box 1566, Newburgh, NY 12551. Tel: US (toll free) 888-358-8125. Fax: 888-892-1542. Outside US tel + 353-51-844-068. E-mail: sovereignsociety@compuserve.com =============================================== ===================
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