My last message about Switzerland brought comments from Eclub advisor Leslie Share, which I share with you below:

	From: Leslie A. Share

	To: Gary Scott

	Subject: USA PATRIOT Act of 2001 (H.R. 3162)

	Date: Wed, 7 Nov 2001 16:05:47 -0500

	

	President Bush signed into law the "Uniting and Strengthening America 

	by Providing Appropriate Tools Required to Intercept and Obstruct 

	Terrorism (USA PATRIOT) Act of 2001" (how long did it take the 

	bureaucrats to come up with that acronym?) on October 26, 2001. The new 

	law is specifically designed to attack money laundering by terrorists, 

	but it potentially provides the U.S. Treasury Department with 

	substantial powers to obtain information identifying true beneficial 

	owners of both U.S. and offshore bank accounts, among many other 

	related issues. One provision may ultimately require foreign persons to 

	obtain special tax identification numbers in order to open an account 

	with a U.S. financial institution. Such information

	conceivably could end up in the hands of the authorities of the foreign

	depositor's home country, particularly where the U.S. has a tax treaty or

	special exchange of tax information treaty with such country.

	

	Your recent point about alleged bank secrecy is well taken. Going back 

	to the first time I heard you speak in 1983, you have always correctly 

	pointed out that no such thing exists when push comes to shove. After 

	September 11th, any last remaining vestige of bank secrecy disappeared 

	forever.

	

	Anyone with an interest in this area should carefully read all 131 

	pages of the new law--it will really open their eyes.

	

	Leslie A. Share, Esq.

	Packman Neuwahl & Rosenberg

	Suite 125

	Coral Gables, FL 33146

	Telephone (305) 665-3311

	Fax (305) 665-1244 or (305) 668-3091

	las@pnrlaw.com