Freedom A Casualty. A-Letter.

THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Prosperity & Privacy in the Offshore World
Tuesday, September 18, 2001 – Vol. 3 No. 74

 

In This Issue:
* COMMENT: Don’t Make Freedom a Casualty

* OFFSHORE: Bank Secrecy Another Victim? Swiss Problems. Gibraltar Talks. Cook Island Freeze. Singapore Slump. Pavarotti Tax Trial.

* WEALTH: Revised US Money Rules. World Economy Impact. Redistribute World Wealth. WTC Gold & Silver. EU Hits Tax Breaks & Tobin Tax. German Guilt Presumption Reversed. US-UK Tax Treaty Hurts Expats.

* PRIVACY: Financial Privacy Under Attack! More FBI Net Spies, Wiretapping, Hasty US Senate Action. Anti-Encryption Campaign.

COMMENT: Don’t Make Freedom a Casualty

“The people will never give up their liberties but under some delusion.” Edmund Burke, 1729-97, speech at Buckinghamshire, 1784.
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“In responding to a vicious terrorist attack, Americans must resist the urge to sacrifice liberty or play the bully.” Excellent web site, latest news at -
LINK: http://www.free-market.net/spotlight/terrorism/
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“The question is…whether ultimately we will cripple our freedom and openness in the name of preserving them…we cannot sacrifice our freedom in the name of protecting ourselves…” Tallahassee (Florida) Democrat, Sept. 16.
LINK: Click Here.
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“As the country struggles for its footing in the aftermath of terror, the process of resetting the balance will also be a process of national self-definition. If the idea takes root that civil liberties should not be permitted to stand in the way of a war on terrorism, at what point do security measures start to corrode the very society they are designed to protect?” New York Times, Sept. 16 (free registration required)
LINK: http://www.nytimes.com/2001/09/16/weekinreview/16GREE.html
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“Civil libertarians fear a creeping challenge to the freedoms considered fundamental to the American way of life. We [may be asked to] sacrifice freedom for really no good reason other than fear.”
LINK: http://www.foxnews.com/story/0,2933,34453,00.html
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Immediately after the attack the US national security establishment demands a long wish list for more equipment and greater power.
LINK: http://thenation.com/doc.mhtml?i=20011001&s=corn
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A Washington Post poll finds 66% of Americans are willing to give up some civil liberties if it will help combat terrorism.
LINK: http://www.pioneerplanet.com/news/nat_docs/134712.htm

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* OFFSHORE *

OFFSHORE BANK SECRECY MAY BE ATTACKED
“With the death toll in the attacks on the World Trade Center and Pentagon estimated at 5,000, will countries like Switzerland and the Cayman Islands lose their coveted bank secrecy?”
LINKS: http://www.tax-news.com/asp/story/story.asp?storyname=5394
Full text: http://www.ecommercetax.com/doc/091301.htm
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SWISS PROBLEMS CONTINUE
GENEVA. Three years into its drive to clean up its image as a haven for dirty money, Switzerland is finding it a very difficult task.
LINK: http://www.nytimes.com/2001/09/16/international/16SWIS.html

Treaties under discussion with the European Union may undermine traditional Swiss banking secrecy.
LINK: http://www.swissinfo.org/sen/Swissinfo.html?siteSect=161&sid=825923
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GIBRALTAR DISPUTE CONTINUES
UK and Spanish governments are still talking, but no deal.
LINKS: http://www.tax-news.com/asp/story/story.asp?storyname=5425
http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT3R4VMNQRC
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UNUSUAL COOK ISLAND FREEZE
RAROTONGA, C.I. Domestic politics causes an unprecedented temporary freeze on offshore financial activity in this Pacific haven.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=5401
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SINGAPORE SLUMP
Hit by the worst recession in 35 years, the city-state suffers.
LINK: http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT37DLA7QRC
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PAVAROTTI FACES TAX JAIL
MODENA, Italy. World famous tenor Luciano Pavarotti goes on trial in ITALY for alleged back taxes. Was he a resident of MONACO? LINKS: http://www.tax-news.com/asp/story/story.asp?storyname=5404 ; Click Here

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* WEALTH *

REASONABLE U.S. MONEY LAUNDERING RULES?WASHINGTON. After a review of the US government’s largely failed anti-money laundering activities, the Bush administration may allow banks to file fewer reports on “suspicious” cash transfers.
LINK: http://www.forbes.com/newswire/2001/09/12/rtr354747.html
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TERRORISM’S WORLD ECONOMY IMPACT
To the radical anti-globalization movement blaming every ill on the global economy, now add the weight of unreasoning fear.
LINK: http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT3QJ4C6PRC&liv
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EU OFFICIAL SAYS REDISTRIBUTE WORLD WEALTH
BRUSSELS. Rich nations must give their wealth to the poor nations to avert terrorism, says former Tory MP and Hong Kong governor.
LINK: http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT3TD5M7QRC
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PRECIOUS METALS INVESTMENTS BURIED
NEW YORK CITY. Buried under the World Trade Center rubble is gold worth $110 million and silver valued at $120 million.
LINK: http://www.nytimes.com/2001/09/15/business/15GOLD.html
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E.U. KNOCKS EUROPEAN TAX BREAKS
BRUSSELS. The EU is investigating tax provisions of nine countries claiming they are “unfair” business subsidies.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=5397

The European Parliament wisely rejects a “Tobin” tax on international capital financial transactions.
LINK: Click Here.
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NEW GERMAN LAW ASSUMES ACCUSED GUILT
BERLIN. The government now presumes those suspected of money laundering are guilty until the accused proves their innocence.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=5398
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U.S. EXPATS IN BRITAIN HURT BY TAX TREATY
The new US-UK tax treaty allows ex-Americans to be hit by the IRS based on past citizenship.
LINK: Click Here

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* PRIVACY *

TERRORISM EXCUSE MAY DESTROY FINANCIAL PRIVACY
Government will play on emotions to expand financial controls, curb what remains of financial privacy.
LINK: http://www.tax-news.com/asp/story/story.asp?storyname=5422
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PRIVACY UNDER ATTACK
WASHINGTON. With little debate the US Senate approves legislation making it easier for the FBI to monitor electronic communications.
LINK: http://www.washingtonpost.com/wp-dyn/articles/A28636-2001Sep14.html

If the Senate proposal becomes law, FBI agents soon may be able to spy on Internet users legally without a court order.
LINK: http://www.wired.com/news/politics/0,1283,46852,00.html

And the FBI is already questioning Internet service providers and the operators of anonymous remailers.
LINK: http://www.salon.com/tech/feature/2001/09/14/privacy/index.html
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NET POLICE SEEK MORE POWER
SAN FRANCISCO. Privacy advocates warn against heightened Internet surveillance in the wake of the WTC attacks.
LINK: Click Here.
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MORE WIRE TAPPING DEMANDED
US officials want to loosen restrictions on FBI surveillance, including roving wiretaps of any phones used by a suspect.
LINK: http://www.washingtonpost.com/wp-dyn/print/nationpolitics/A41055-2001Sep16.html
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ANTI-CRYPTO WAR BEGINS
US politicians may try to ban communications-scrambling software that supposedly frustrates police wiretaps and US intelligence agencies.
LINK: http://www.wired.com/news/politics/0,1283,46816,00.html

But ‘The 2000 Wiretap Report’ from the Administrative Office of the US Courts monitored wiretap operations during 2000 and found not even on investigation thwarted by the use of encryption technology.
LINK (pdf download): http://www.uscourts.gov/wiretap00/2000wttxt.pdf.
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EXPERTS RALLY TO SUPPORT ENCRYPTION
Reports linking bin Laden to crypto cause privacy experts to assume a tough defensive posture.
LINK: http://www.wired.com/news/politics/0,1283,46900,00.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: HOME
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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.