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