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. 7 - February 18, 2000
===================================================
IN THIS ISSUE:
+ OFFSHORE:
How to Avoid Money Laundering / EU and Austria: Disappearing Act?
+ WEALTH:
Sparbuch Heat / Bermuda: Online Trading Offshore / The Maildrop
Guide More on Gold Price Fixing / Where to Find Guaranteed
Investments / US Senate Forfeiture Vote Feb 24th /
+ TAXES:
Clinton Attacks Tax Havens / Tax Misery Index / Tax Exile Report /
+ PRIVACY: Lots of Privacy News this week!
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+ OFFSHORE NEWS +
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HOW TO AVOID MONEY LAUNDERING
================================
After a year and half of headlines, on Feb. 16 a former BANK of NEW
YORK official and her husband voluntarily returned from London to New
York and pled guilty to money laundering and related offenses. Of an
estimated US$7 billion alleged to have passed from Russia through
BoNY, about 7% may have stemmed from criminal activities. The rest
appears to have been funds of Russians evading business and other
taxes said to be owed to that paragon of civic virtue, the Russian
government. Some of the Russians implicated, a group known as 'the
oligarchs' because of their influence in and over the Kremlin, are key
backers of acting president Vladimir Putin.
Could anything you might do make YOU a suspect of money laundering?
Remember, Big Brother's agents, your bankers, are always watching for
'suspicious activity.' For a check list of what to avoid, read 'Money
Laundering and International Efforts to Fight It,' at:
worldbank.org
LINKS:
FATF Report on International Money Laundering:
usis.it
Bank of New York: bankofny.com
Money Laundering Alert Newsletter, Miami, Florida.
moneylaundering.com
Government of Russia: gov.ru
Send V. PUTIN an e-mail: gov.ru
======================
WILL THE E.U. DISAPPEAR?
======================
The Socialist rat pack now dominating the fledgling European Union has
decided to annul the election results of tiny (7 million) Austria, one
of the better offshore banking nations remaining. That's to be
expected from worthies who think low taxes are unfair competition; the
gang that launched the financially limp euro, the funny money that,
reflecting its parentage, seems to suffer from terminal erectile
dysfunction.
Indeed, ROMANO PRODI, president of the EC, who 10 days ago warned the
UK to join the EU or it would 'disappear,' this week topped himself.
Said he: 'If European states are not able to unite at a higher level,
they will not last. If we miss this rendezvous, we will disappear from
the world map.' Lead the way Sr. Prodi.
LINK:
the-times.co.uk
ml?999
Fortunately for unity, the EU now has JORG HAIDER to kick around. How
dare a democratic nation form a majority conservative government
without clearing with the boys in Brussels. These same bureaucrats
were forced to dismiss their entire governing European Commission last
year because of its rampant waste and corruption.
LINK:
newsunlimited.co.uk
But this hot air cloud has a silver lining. The New York Times
reported (Feb. 11): 'Resentment against what is viewed as EU meddling
in Austrian affairs has given isolationist groups in Switzerland an
unexpected lift. After months of trying, opponents have quickly
gathered enough signatures to try to derail long planned Swiss ties to
the EU.'
LINK:
nytimes.com
MORE LINKS:
austria.gv.at - Austrian Government
fpoe.at - Austrian Freedom Party (Haider)
oevp.or.at - Austrian People's Party
www2.kurier.at - Austrian media online
:::::::::::::::::::::::::::::::::::::::::::::::::::::::
Offshore Information Services Ltd offers resources and information on
many nations, immigration laws, emigres contacts. It's a commercial
site.
LINK: votewithyourfeet.com
===================================================
+ WEALTH +
===================================================
ANOTHER AUSTRIAN HOT SEAT
==========================
Austria's anonymous savings passbook, or SPARBUCH, faces a show down
this month. At a Paris meeting of the Organization for Economic
Cooperation and Development's (OECD) Financial Action Task Force
(FATF) hawkish members may call for Austria's dismissal from the group
unless sparbuchs are abolished. Sparbuchs are the only truly secret
bank accounts anywhere. Owners do not need to identify themselves
when opening an account. There are 26 million passbooks in a country
of 7 million people and with a US$50 billion value. They're traded on
the Internet at prices of $299 for one and $999 for five. They pay a
modest interest rate and it's possible to transfer the passbook
without notifying the bank. Instead of regular statements, the
sparbuch is updated automatically and any interest accrued is added
whenever it is presented to the issuing bank.
The EU has taken Austria to court for disobeying the EU's money
laundering directive and FATF has issued an unusual public statement
expressing 'deep concern' about Austria's failure to eliminate the
anonymous savings passbooks.
LINKS: Financial Times, London, (Nov 16 1999)
ft.com
OECD - oecd.org
National Bank of Austria - oenb.at
:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
Need an excellent bank in Vienna? We recommend ANGLO-IRISH BANK
Tel: 43 (01) 406 61 61 0 Fax: 43 (01) 405 81 42
Rathausstr.20, 1011 Vienna, AUSTRIA. Ask for Peter Zipper.
Web: angloirishbank.at
E-mail for Private Banking: pb@angloirishbank.at
==========================
OFFSHORE - ON LINE TRADING
==========================
Donaldson, Lufkin & Jenrette Securities Corp. now offers 24-hour on
line Web stock trading through a Bermuda based subsidiary, DIRECTRADE.
Web surfers are warned: 'This web site is not a solicitation to
residents of the U.S. or in any jurisdiction in which Directrade is
not permitted to offer its services.' But an offshore accommodation
address is the quick solution to that problem. Directrade is run by
Bermuda Online Financial Services Ltd, Wessex House, Ground Flr West,
45 Reid St, Hamilton, Bermuda HM 12.
Phone: 441-295-0300 Fax: 441-295-0301.
LINK: directrade.bm
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NEED AN OFFSHORE ADDRESS?
Get THE WORLDWIDE MAILDROP GUIDE. This special report tells how to
establish your own legitimate maildrop in more than 20 locations
worldwide including Bermuda, Hong Kong, UK and Canada.
Call our Waterford, Ireland: Tel: + (353) 51 844068. Fax: + (353) 51
304561. In the US call (toll free) 1 888 358-8125. E-MAIL to:
sovereignsociety@compuserve.com ORDER ONLINE at:
sovereignsociety.com
=========================
MORE ON GOLD PRICE FIXING
=========================
In response to our comment last week about possible government
manipulation of gold prices, a faithful reader calls attention to a
Web site he says 'fairly well documents Fed and banking gold
conspiracy.'
LINKS:
Gold Anti-Trust Action - gata.org
========================
GUARANTEED INVESTMENTS
========================
In the A-Letter (Dec 10 99) we mentioned 'guaranteed investment funds'
sold only in the UK and Europe, and unavailable to US investors. After
inquiry from a UK Sovereign Society member who had difficulty tracking
down these high yield funds, we did some checking. Results: these
funds are explained on the Web site of PRIME GLOBAL INVESTMENTS at:
offshorepro.com
Financial institutions that offer the funds to non-US persons,
include:
Scottish Mutual International - smi.ie
Clerical Medical Group Ltd. - clericalmedical.co.uk
Friends Provident International - fpinternational.com
Royal & Sun Alliance International Financial Services -
rsaifs.com
Royal & Sun Alliance - royal-group.co.uk
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
MARK NESTMANN, editor of The Sovereign Individual, the Sovereign
Society's hardcopy monthly, appears on LIVE INVESTORS FORUM Feb. 24,
(6:30 PM PST, 9:30 PM EST). Topic: threats to privacy and wealth.
Check out the FORUM now at,
LINK:
liveinvestorsforum.com
=================================
KEY SENATE FORFEITURE VOTE FEB 24th
=================================
Historic forfeiture reform legislation in 1999 passed the U.S. House
of Rep. (HR 1658) and is now pending in the US Senate (bill S 1931).
But Clinton and the DOJ are trying to kill any forfeiture reforms.
Current law allows federal agents to take property without convicting
an owner of any crime. In 85% of US asset forfeiture cases, the
property owner is never charged with a crime, yet police keep the
seized cash or property.
What can US persons do to help? Go to LINK:
forfeiture.org
With the click of your mouse, you can send a pre-written e-mail to
your 2 US senators in less than 2 minutes.
See also, LINK: http:www.fear.org
===================================================
+ TAXES +
===================================================
CLINTON BUDGET'S TAX HAVEN ATTACK
==================================
Buried in the fine print of Pres. Clinton's annual budget is a sneak
attack on US persons engaged in any sort of financial activity in tax
haven nations. The US Sec. of Treasury would be given power to
publish a list of 'Identified Tax Havens,' defined as nations that
impose few or no taxes, have strict privacy rules and refuse to
cooperate with foreign government tax and other investigations.
Clinton wants to force US persons to report (on their annual income
tax return), all financial activity involving tax havens including all
money and property transferred to offshore corporations, partnerships,
trusts, estates, bank accounts or to individuals resident or located
in these so-called 'Identified Tax Havens.'
U.S. law already requires reporting of foreign accounts exceeding
US$10,000 on Schedule B of IRS Form 1040 and on Treasury Form
TDF 90.22-1. This outrageous proposal destroys all offshore privacy.
Capitol Hill sources say it's too early to tell what will happen.
::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
SOURCE: We are indebted to MARSHALL J. LANGER, JD, for alerting us to
Clinton's stealth attack. Dr. Langer, a leading international tax
expert, is author of 'The Tax Exile Report.' He can be contacted at:
Shutts & Bowen, 43 Upper Grosvenor St., London W1X 9PG, U.K.
Tel: + 44-20-7493-4840. Fax: + 44-20-7493-4299.
================
TAX MISERY INDEX
================
Ernst & Young tax expert Jack Anderson compares the rates of
taxation in various countries in what he calls 'THE MISERY INDEX.'
He adds up top marginal rates on corporate and personal income taxes,
wealth, estate, employer/employee Social Security and sales taxes.
The latest misery index gives the highest/worst score, thus the
greatest tax misery, to la belle FRANCE, with a score of 193. Belgium,
Italy, Sweden, Austria and Greece follow, ranging from 171 (Belgium)
to 146 (Greece). Japan is rated 124. Great Britain and Ireland both
get 110, the U.S. 90, although state taxes are not included. Sweden's
politicians now grab 53% of GDP, up from 40% in 1970. The French state
now takes 45% of GDP, way up from 35% just 30 years ago. No wonder
half-a-million French citizens now live in the U.K. and 60,000 French
engineers call California's Silicon Valley home today.
LINK: Jack Anderson, 'Charticle: A Misery Index,' Forbes, Feb. 21.
forbes.com
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Want to know more about offshore tax savings? How you can benefit?
We recommend THE TAX EXILE REPORT by Marshall Langer. Less than 75
copies remain. ORDER ONLINE at:
sovereignsociety.com
Or contact our international office in Waterford, Ireland:
Tel: + (353) 51 844068. Fax: + (353) 51 304561. In the US
(toll free) tel: 888 358-8125; fax. 888 892-1542.
:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
Wondering about the fuss over TAXING the INTERNET? If you're reading
this, YOU should be worried. To find out all about it, go to Spotlight
on Internet Taxation. LINK:
free-market.net
===============================================
+ PRIVACY +
===============================================
THE DEATH OF PRIVACY
====================
In 'Database Nation: The Death of Privacy in the 21st Century,' Simson
Garfinkle details insidious threats to privacy that arise from the
Internet, from public and private surveillance cameras, from biometric
devices and medical technology, from spy satellites and computer
chips, and above all from the unrestrained gathering and unauthorized
sharing of personal information through computer databases.
LINK:
nytimes.com
l
=====================
ECHELON NEWS IN INDIA
=====================
NSA ECHELON spy system is being fingered around the world for its role
in gaining commercial advantages for US firms working with the spy
agency. LINK:
timesofindia.com
=================================
FRANCE SUES US & UK OVER ECHELON
=================================
France is taking the British and U.S. governments to court over the
intrusions of the Echelon international snooping system.
LINK:
the-times.co.uk
ml?999
=============
BIGGER THREAT
=============
Space.com CEO LOU DOBBS, former CNN anchor, says that Internet
regulations proposed by the US government in response to last week's
hacker attacks are a bigger threat than the attacks themselves.
LINK: wired.com
=====================
ENCRYPTION CURBS END
=====================
With little fanfare, the Clinton administration dropped most of its
restrictions to the export and use of encryption software. LINK
internetworld.com
tml
==========================
IRISH, UK CRYPTO REGS CLASH
==========================
Brits could be jailed for failing to surrender encryption keys to the
police on demand, while in Ireland the police are about to be
forbidden from forcing computer users to surrender their keys.
LINK: wired.com
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For the latest news about government WIRETAPPING: LINK:
free-market.net
=========================
PRIVACY 2000, by Mark Nestmann
=========================
This chilling report reveals the inner workings of Big Brother's
global surveillance network. It warns about false privacy and asset
protection plans that actually increase your financial and privacy
exposure. It gives you real alternatives, less complex and less
expensive, that thwart disclosure and make your privacy airtight.(256
pp. ISBN 0-9657151-3-2.) Price: US$75. When ordering by fax or phone
please quote Code: MNPV-W11132 Contact our international office in
Waterford, Ireland:
Tel: + (353) 51 844068. Fax: + (353) 51 304561. In the US
(toll free) tel: 888 358-8125; fax. 888 892-1542. ORDER ONLINE at:
sovereignsociety.com
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==================================================
The Sovereign A-Letter welcomes your comments & suggestions.
Bob Bauman, Editor
Send E-MAIL to: sovereignsociety@compuserve.com
Want to know more? sovereignsociety.com
==================================================
The Sovereign A-Letter is a periodic Net publication of:
THE SOVEREIGN SOCIETY
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