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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER
Your Link to Freedom, Privacy & Prosperity in the Offshore World
Thursday Sep 02, 2004 - Vol. 6 No. 167
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In This Issue:
* COMMENT: Hollywood's Favorite Tax Haven.
* OFFSHORE: Panama's New President. St Kitts-Nevis Celebrates 21.
BVI, Dominica, Eastern Caribbean. Bermuda Depression. China-HK Trade.
* WEALTH: Rich & Evil. Black Accused. Banned Belarus Bank.
* PRIVACY & RIGHTS: Common Man Complains. 9-11. U.S. DoJ Backs Down.
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COMMENT: Hollywood's Favorite Tax Haven.
Dear A-Letter Reader:
"Can love survive the fall of paradise?"
That's the question supposedly central to a new independent motion
picture that debuts in a few days at the Toronto Film Festival. The
plot outline: "During a weekend, two shady US businessmen flee to the
Cayman Islands to avoid federal prosecution. But their escape ignites
a chain reaction that leads a British native to commit a crime that
changes the nation." So says the film's director, (who conveniently
ignores that the Caymans agrees to extradition in criminal cases).
I'm not much of a film critic, especially when I haven't yet seen this
flick, but I can guess that this notorious Caribbean tax haven will be
tarred with the same black brush used in the movie of a few years ago,
"The Firm." Indeed, the Cayman Islands is by now a clich� prop for
Hollywood and TV dramas whenever sinister offshore financial themes
need distorted, simplistic portrayals with cash filled briefcases.
Our major interest in this film is to set the record straight. We don't
necessarily recommend the Cayman Islands for asset protection or legal
entities such as trusts or corporations -- but that's not because of
rampant financial crime. That's mostly B-movie fiction.
Our concern is that this British colony is under tight control of
the U.K. Labour Party and its London Foreign Office. In recent years
the CI government has followed London's orders to weaken formerly
strict financial privacy and end tax beneficial investments for foreigners
from EU nations. Locals even have been spied upon by the British.
Truth be told, billions in dirty money laundered cash sloshes around
every day - not in the Cayman Islands - but in New York, London, Paris
and other major world financial capitals. Every fair investigation has
shown that the anti-money laundering rules and enforcement are much
better in offshore tax havens than in the leading G-7 nations that
constantly criticize tax havens such as the Cayman Islands.
But then Hollywood has always exploited defenseless scapegoats. Only
randomly do they get it right about where most financial crimes really
do occur -- such as Michael Douglas in "Wall Street" (1987). That plot
realistically was set where greed is king -- not in the Cayman Islands.
Or try Enron in Houston. Or Conrad Black in Canada. Or the US Savings &
Loans. Now we're talking real billions -- and real crime! Roll cameras!
That's the way that it looks from here.
BOB BAUMAN, Editor
PS: Want to know the latest about the Cayman Islands and other world
tax havens? To order my new offshore tax haven book, click here:
LINK: http://www.youreletters.com/t/53841/3790594/645304/0/
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COMMENT LINKS:
* New movie about the Cayman Islands: 'Haven'
LINKS: http://www.youreletters.com/t/53841/3790594/645932/0/
http://www.youreletters.com/t/53841/3790594/645933/0/
http://www.youreletters.com/t/53841/3790594/645934/0/
* Facts & news about the Cayman Islands.
LINKS: http://www.youreletters.com/t/53841/3790594/645935/0/
http://www.youreletters.com/t/53841/3790594/645936/0/
* CI Financial Services.
LINK: http://www.youreletters.com/t/53841/3790594/645937/0/
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* OFFSHORE *
PANAMA HAS A NEW PRESIDENT
Martin Torrijos, son of ex-dictator, took office Wednesday. LINKS:
http://www.youreletters.com/t/53841/3790594/645938/0/
http://www.youreletters.com/t/53841/3790594/645939/0/
* Join us at the October Panama offshore conference; click here: LINK:
http://www.youreletters.com/t/53841/3790594/617/0/
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ST. KITTS-NEVIS CELEBRATES 21st INDEPENDENCE DAY
Former St. Kitts-Nevis leaders to be honoured.
LINK: http://www.youreletters.com/t/53841/3790594/645940/0/
* U.K. Foreign Office Minister to visit BRITISH VIRGIN ISLANDS.
LINK: http://www.youreletters.com/t/53841/3790594/645941/0/
* Caribbean Central Bank eliminates exchange rate guarantees.
LINK: http://www.youreletters.com/t/53841/3790594/645942/0/
* EU official calls for more DOMINICA competition. LINK:
http://www.youreletters.com/t/53841/3790594/645943/0/
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BERMUDA DEPRESSION
HAMILTON: Stressed out Bermudians sink into depression.
LINK: http://www.youreletters.com/t/53841/3790594/645944/0/
* Even newspaper prices in Bermuda are a worry. LINK:
http://www.youreletters.com/t/53841/3790594/645945/0/
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CHINA - HONG KONG EXPANDED TRADE DEAL
Further liberalization planned for cross border trade.
LINK: http://www.youreletters.com/t/53841/3790594/645946/0/
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RECORD FUNDS FLOW INTO GUERNSEY
Call for avoiding complacency in a cash flow time. LINK:
http://www.youreletters.com/t/53841/3790594/645947/0/
* China and Channel Island of JERSEY strengthen offshore ties.
LINK: http://www.youreletters.com/t/53841/3790594/645948/0/
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* WEALTH *
RICH PEOPLE CAN BE EVIL
When they try to use government to line their own pockets. LINK:
http://www.youreletters.com/t/53841/3790594/645949/0/
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CONRAD BLACK: LOTS OF OFFSHORE SHELL COMPANIES
Canadian-UK media mogul charged with looting company. LINK:
http://www.youreletters.com/t/53841/3790594/645950/0/
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PATRIOT BANNED BANK; INSIDE STORY
Washington names Belarus bank as money launderer. LINK:
http://www.youreletters.com/t/53841/3790594/645951/0/
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EU BUDGET BALANCE RULES DEAD
BRUSSELS: EU gives up on battle to impose fiscal restraints. LINK:
http://www.youreletters.com/t/53841/3790594/645952/0/
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* PRIVACY & RIGHTS *
COMMON MAN HITS PATRIOT ACT
Ordinary Americans urge curbs on PATRIOT Act. LINK:
http://www.youreletters.com/t/53841/3790594/645953/0/
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THE U.S. 9-11 COMMISSION
Web site with report, findings, information.
LINK: http://www.youreletters.com/t/53841/3790594/645954/0/
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U.S. JUSTICE DEPARTMENT BACKS DOWN
DoJ admits errors, asks that terror convictions be tossed. LINK:
http://www.youreletters.com/t/53841/3790594/645955/0/
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THE SOVEREIGN SOCIETY OFFSHORE A-LETTER.
Bob Bauman, Editor * Daniel Aponte, Jr. Editorial Asst.
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