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

by | Nov 13, 2001 | Archives

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


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