From the Publisher's Desk
"A popular government without popular information or the means of acquiring it is but a prologue to a farce or a tragedy or perhaps both."
- James Madison, US President
Are your conversations being recorded?
Offshore banking takes a turn for the worse!
Recently President Bush visited Latvia. Anyone watching his visit with the president of Latvia witnessed all the hugs, kisses, best wishes, etc. This brought to mind, "Hmm!!! What's going on here? What are these two 'leaders' up to?"
Well not two weeks went by and surprise, surprise we received the letter below from a Latvian bank. [See Note 1 below.]
Following that letter, many customers starting emailing us saying their accounts were being closed with very short notice. In fact our own Latvian account is being closed as well after nine years of being a very good and loyal customer.
This banking problem is not limited to Latvia! A colleague had an HSBC bank account in Asia for more many years. An HSBC bank official (in the UK) saw one their google adsense adverts for camouflage passports and instructed the Asian branch to shut down their account in good standing for ten years, within 24 hours. No recourse, no ifs, ands or buts, close the account. And of course, HSBC Asia did.
Worse many European, North American, Latvian and other banks just started restricting their customers ATM card withdrawals to a maximum of USD 1,000 per day. In most cases, the maximum an ATM card holder will be able to withdraw anywhere in the world will be US$1,000 or LESS! Understand now, these are banks who have the customers notarized passport copy with the customers name appearing on the ATM/credit card. Formerly many of these cards offered unlimited or very large daily withdrawals from source. Chalk up another win for Big Brother :-(
All of the above of course, is being brought to you from your government who is hard at work for you, i.e. fighting terrorism in order to protect you from yourself.
One customer just e-mailed us: "My mother had an interesting and true insight on this (Latvian bank closing) matter. According to her, Latvia is one of those nothing countries that nobody had ever heard of and couldn't care less about until recently. Now that they emerged from the Soviet Union and are a part of the 'new' EU, they have an "attitude" some what akin to a complex that Russia and other more established nations, do not have.
Also, they love Bush, the US plus the EU and are falling over themselves to become their puppets and get their approval." <snip>
Whilst all of the above is regrettable, as always, there are legal loopholes, albeit the doors of opportunity are closing rapidity. More on the remaining opportunities in a moment.
First, in the event you have any money in a Latvian bank account and you have been threaten with closure, or even if you haven't been informed your account will be closed, we recommend that you IMMEDIATELY and without delay check your email account/s that you use to correspond with your bank. You need to see what your current status is urgently. In addition, we urge you in the strongest possible terms to WITHDRAW and in haste, any and all funds in your Latvian accounts. This must be done prior to June 21st, 2005. [Please read the very strict procedures in Note 1 bank letter below.]
In the event your account is not being closed, leave a minimum balance in the account to keep it activate. However we'd be remiss if we didn't advise that you severely limit funds in and out of Latvia for the future. We can no longer recommend any serious money going into any Latvian bank account henceforth. USD/Eur 25,000 would be the maximum we can recommend you keep in a Latvian account at any one time.
Further in the letter in Note 1 below, basically you'll be required to send the bank an invoice, explanation and PROOF of each and every wire transfer into and out of your bank account. If you fail to 'comply' with any of those requests, your account and all money is frozen, probably never again to be seen by you. Thanks but no thanks! Personally we replied to our bank and told them they can take their account and stick it where the sun don't shine!
As PT Shamrock has been saying for years now, one can never have too many bank accounts. Time is running out for the privacy minded person. Loopholes are being closed and opportunities lost forever.
For PT Shamrock's customers who purchased a Latvian bank account and or ATM card from us (and can prove it;) in the event your ATM card and or bank account is being closed, e-mail us immediately and we'll give you're a large discount on replacing your lost bank account and or ATM card products with one of our alternatives below.
For those of you still at the starting gate who haven't gotten your offshore act together yet, hope springs eternal! We offer some interesting alternatives for banking in today's Terrocratic climatic. [See below.]
The banking saga sadly continues!
Further to our June 16th Advisory, "Offshore banking takes a turn for the worse!" the banking saga sadly continues.
Much like Amerika's terrorist watch list, your banking name and details are being watched just as carefully as well. Not just in the USA, but worldwide!
If you have a common name like Smith, Jones, Nelson, Patel, Singh, Mendez, Lopez, Lee, etc. watch out. Not only is the money in your bank account at risk, but money being sent to you may very well be frozen and lost forever!
Basically today's banking reality is what the Terrocrats have accomplished intentionally. "You're guilty until and unless you prove yourself innocent."
After our June 16th banking advisory went out, a long time associate emailed us the following;
He instructed that a bank wire be sent to a private individual who has a very common surname. The beneficiary has a bank account with a major Swiss bank in his own name where the funds were to be wired to. The sending bank was in Latvia.
Surprise, surprise, the "outgoing" wire was frozen. Why? Because the beneficiaries common *surname* was on the OFCA list for terrorist and drug dealers. A search of the OFCA list showed thousands of persons with same surname on the list. Worldwide there must be millions of persons with the same surnames. Crazy isn't it?
In order to secure the release of the outgoing wire, a notarized passport copy from the "beneficiary" along with their verifiable address was required. All was supplied nearly two weeks ago with a few expletives deleted. As of this writing the funds just arrived, albeit at the price of the total loss of privacy, and with considerable consternation for the beneficiary.
How much money was involved with the above wire you ask? One million dollars? No. Five hundred thousand dollars? No again. A hundred thousand US dollars? No yet again. Fifty Thousand? No. Okay then US$25,000? Once again an emphatic NO.
A mere US$1,500 was the amount involved in the above debacle. One Thousand Five Hundred USD, get it? This is a travesty of justice and the public just takes it on the chin without saying a thing, mainly because they're so dumbed down and brainwashed that they believe it's for their own good. Simply amazing isn't it?
The culprit in this real life horror show? A USD wire transfer and, a common "sic", surname!
We recommend in the strongest possible terms to avoid like the plague the sending and receiving of USD by wire transfer. If and only if you really have to send/receive USD, use a correspondent bank like the one we do that is in mainland China! [See alternative Nb. 2 below.] This way any USD wires sent or received OUTSIDE Amerika DO NOT pass through the US banking system. Instead the USD are routed via China, which is very kosher indeed.
The saving salvation for all this banking craziness, and it is crazy, is that the paper being created by these newly (US) created (under threat) compliance requirements, will eventually cause the system to crash. How long might that be? Your guess is as good as ours. Remember it only took around 70 years for the former Soviet Union to collapse. We predict that Amerika's banking system will topple in much less time due to the paper requirements being shoved down the throats of banks worldwide and their complacent customers.
The paper chase, as we call it, has been going on for about 15 years now in the US. After 9/11 Bush took it to a much higher level and the result is the paper and compliance requirements are reaching astounding and soon to be untenable levels.
You might not agree with us on the above, but many of you called the $60 per barrel oil prediction (when it was only $40 per barrel,) made in our newsletter earlier this year, crazy. However as we politely remind you, oil just passed $59.50 per barrel the other day and is heading higher. By the time you read this, our money is on oil being higher than US$60 per barrel, or having passed than benchmark already!
If one thinks about these matters carefully, today's oil has yet to reach the 1980's (adjusted to inflation) US$90 per barrel high! That means oil could easily rise another 50% to match the 1980's highs. Ditto for gold, silver and most other commodities. If that were to happen, all hell will break loose and it could signal a financial and economic meltdown of Titanic proportions!
It doesn't take an Einstein to realize that with the banks requiring compliance on a messily US$1500 wire transfer, you can image what happens when larger amounts are involved. The amount of paper work that is being generated must be staggering! It will become impossible to vet all the compliance reports at some point in the foreseeable future. Place all of the above, along with a very weak and still declining USD, and there are very serious consequences laying ahead that all should be aware of.
One really needs to sit back and reflect on today's Terrocrats, their motivates and laws, i.e. The Department of Terrifying the Homeland, Patriot Acts I and II and so forth.
Understand we're all for fighting crime and stopping terrorism of ALL sorts, including government terrorism. But this recent banking debacle is a bit overkill to put it mildly. Unfortunately we don't see it getting any better. Those who resist will be crushed, ground up into a fine powder and blow away. IMO the US is simply too powerful for its own good.
The real purpose behind all this banking hoopla and brouhaha has little to do with fighting terrorism and crime. It has EVERYTHING to do with the policing of your money, knowing where it is, and the taxing thereof by the Terrocrats.
In spite of all of the above, there still remains a few legal alternatives in today's banking world. As we did in our June 16th advisory, they'll be repeated in a moment. First here are some financial and privacy considerations which we believe merits your urgent attention:
For those with less than US$50,000 or the equivalent in other currencies, placing your funds on one, two or even three no name ATM cards might be the way for you to go. If your cards all of a sudden and without notice, are limited to a US$1,000 per day, per card withdrawal, having two or three cards could be a life saver. Its something worth considering!
Be advised, technically when entering or leaving the US and some Western European Union countries with an ATM card in your pocket or purse, the card is or could be considered a "bearer instrument." Having more than US$10,000 or equivalent on your person (including the card,) subjects you to TCR reporting requirements, i.e. a Treasury Currency Report. In France the amount is only Euro 6,000 that triggers you legally being required to report the money on you.
For those with liquid assets of US$50,000 to US$250,000 or the equivalent, we suggest you pay taxes on that money, then move it offshore to a respected bank. Be advised in today's banking climate if you are a Yankee, many banks will simply refuse to accept you as a client as they do not wish to be placed under Amerika's thumb anymore than they already have.
If accepted, they will certainly report your account and income to the American authorities and will require that you sign a "waiver" form to that effect. No joy in that is there?
It's not much better for our European Union friends either. The directive on EU taxation of interest income, which looks likely to come into force on July 1, 2005, is intended to ensure that EU taxpayers pay tax on interest generated outside their country of residence.
One legal loophole around this (so far,) is to have a company account with a company from Panama, St. Kitts, the Seychelles, etc. A mail accommodation address OUTSIDE the EU could be beneficial to your banking health as well.
Those with assets of a quarter million USD and up should seriously consider a second nationality and or a legal residency outside your home country. Now is the time to start because according to our excellent inside sources, the US Terrocrats are starting phase three of their Terrocractic assault on privacy, i.e. forcing other nations to start reporting all resident Americans/foreigners to their respected home countries. By obtaining legal residency now, you will more likely than not be grand fathered in under existing laws that do not require the reporting of your presence in your new country of residence, or the acquisition of your new nationality to your home authorities. That is a very serious consideration!
A recent trip to Dubai offered some very interesting and flexible residency opportunities for PT's. Coupled with deluxe apartments and condominiums, legal residency in Dubai is certainly worth a look into. More on Dubai residency in a future issue.
We have been inundated with requests asking us which banks are best? Whilst there is not any one answer that is best for everyone, as everyone has their own requirements, we do offer some interesting options.
For those with the liquid assets, there is an excellent bank called AIG Private Bank Ltd. Switzerland. They have three branches in Switzerland with headquarters in Zurich and branches in Geneva and Duebendorf. Although a personal visit is required with a US$100,000 minimum opening balance, they have offices in Hong Kong, Singapore and São Paulo, Brazil, all of which offers excellent investment vehicles for their clients. Definitely recommended!
AIG Private Bank AG
P.O. Box 1376
In the event you can not take the time and an extensive trip overseas, we have an excellent Swiss alternative. This Swiss bank does NOT require a personal visit and they only require a US$5,000 (or equivalent) opening deposit. They offer brokerage accounts as well as excellent investment services, all with first rate Internet banking.
The best news of all is that you can open this prestigious Swiss bank account via the mail in only a few weeks time with only a notarized passport copy. No personal visit necessary nor any intrusive questions or utility bills with this Swiss bank. [See alternative Nb. 3 below.]
Another important consideration for some is the possibility of obtaining a banking passport. All our banks listed below accept our banking passports. However be advised, our banking passport sources have told us in no uncertain terms that henceforth they are only going to issue one banking passport per week, period. That means just two banking passport orders per week will be available, e.g. one for each of the two countries where the banking passports are secured. Our banking passport sources say they are strictly enforcing this new policy in order to maintain the integrity of the programs and in order to prevent the unwanted attention from insecure governments. Do govern yourselves accordingly.
See http://www.ptshamrock.com/auto/$4999.html for additional information on banking passports.
Whilst PT Shamrock does not have the definitive answers to all of today's banking and privacy problems, we do have our fingers pretty well on the pulse of matters and keep our customers and subscribers updated as best as possible. We try hard to bring you the latest and best privacy news and products that we have located from honest and reliable sources. In today's world, that's no easy task and is becoming increasingly more difficult.
Hope the above (and below) helps.
See you with our next missive.
Alternative 1: A Western European bank account that can be opened via the mail, with Internet banking and a personal or company bank account. Minimum opening deposit required to open this account is US$25,000 or the Euro, CHf equivalent. Our cost to you is Euro 1,000 for the bank account. Add Euro 1,450 for an off the shelf bearer share company. This account could be your best long term account.
Alternative 2: Asian company bank account. This bank is located within the former CIS countries, but is very kosher. Their USD correspond bank is in CHINA, not the USA!
Comes with Internet banking, an ATM card with unlimited daily withdrawals (from source,) and a bearer share company for Euro 2450. Opening account deposit is only USD/Eur 500.
Alternative 3: Swiss bank account. This a particular goody because it can be opened reasonably fast and the opening deposit is minimal. Personal accounts only are available at this time. Includes brokerage account and Internet banking. Notarized Passport copy required. Cost is Euro 1500.
Alternative 4: Lithuanian bank account: Don't discount this European Union account, because the bank account is opened locally by the branch of a prestigious European Union bank. Internet banking, ATM card and NO, repeat NO notarizations required!!!
Cost for a bearer share company, company account as above, just Euro 2450.
Alternative 5: St. Kitts company and St. Kitts bank account. This could be a real winner, albeit notarized passport copy and utility bill required. Includes easy to use Internet banking and an ATM card with a minimal opening deposit. Your cost, Euro 2995.
Alternative 6: Our USD/Eur 12,000 monthly withdrawal, no name no ID ATM card. This ATM card is NOT from Latvia and is hard to find. See http://www.ptshamrock.com/nonameatm.htm for details. Cost, including courier charges is Euro 545.
Alternative 7: This no name ATM card is for the serious player only. No name appears on the card and there is a whopping 150,000 USD monthly withdrawal limit (US$5,000 daily limit.) Best of all the card is from a very strong country and the card NEVER, repeat, NEVER expires. See http://www.ptshamrock.com/auto/60katm.htm for details. Cost is US$1,320 and there is a very limited supply available at this time. Set up times for the above varies. In most cases the no name no ID ATM cards are sent to you by courier within a few working days after we receive cleared funds. The bank account opening process varies widely. Expect 4 weeks plus to get an account opened in today's business world.
PS Please note; there will most likely be a substantial price increase for the bank products above, due to these recent government restrictions on bank accounts and the extreme scarcity of same. Take action now to avoid future price hikes.
To order at our secure on-line order form, proceed to https://www.ptshamrock.com/order_bwe.html
Note 1: June 13, 2005
Amendments to the Law On the Prevention of Laundering of Proceeds Derived from Criminal Activity are published today entering into force on 24 June 2005. New regulations impose additional requirements towards relationship between Latvian banks and their customers.
Banks must collect information, document and verify data regarding business and personal activities of customers, origin of their funds, organizational and ownership structure, financial position and beneficial owners of corporate customers. In case any data is missing on the customer's file or if information provided by the customer is misleading the bank must immediately terminate any relationship with the customer in question and close his accounts along with the accounts of all other companies belonging to the same beneficial owner.
Banks may not provide services to shell banks. Companies carrying out money transfers on behalf of third parties are, among other structures, classified as shell banks.
Customer information, including data of his beneficial owner, shall be disclosed not only to a range of public authorities but also to correspondent banks registered in the EU or OECD countries.
If the customer fails to provide the bank with the necessary data on time and the bank decides to terminate relationship with the said customer the accounts shall be closed. Any balance from the accounts can only be transferred to an account of the same customer in a bank registered in the EU or EEA country or in the bank where the funds initially came from. From 27 June it will not be possible to transfer such balance to any third parties or to withdraw it in cash.
Further on, the new regulations introduce severe financial penalties to the banks failing to comply with the new rules.
Currently our bank has temporarily stopped opening new non-resident accounts in order to audit its existing customer base to make sure that the information on files complies with the new requirements.
Within the next few weeks our officers will contact you to discuss possibility of further servicing of your funds in our bank and, possibly, to request some additional documents or information. We should also ask you to consider what documents you can provide to comply with the requirements described above and send them over to your account manager at our bank.
Head of the International Customers Service
See you next issue
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