Contact Information:

Center for
Freedom and Prosperity
 P.O. Box 10882
Alexandria, Virginia 22310-9998
Phone: 202-285-0244
Fax: 208-728-9639
                                            

CFP Weekly Update, October 29, 2001

Center for Freedom and Prosperity's Weekly Update

1) CFP Strategic Memo and Press Statement on the Anti-Money Laundering legislation

2) Treasury sticks to its position on the OECD anti-tax competition project

3) CFP in the WSJE: Of Terrorists and Taxes

4) Miami Herald: Administration may shelve IRS proposal

5) Senate Levin Misses the Point, AGAIN. . .

6) ITIO tax harmonization and terrorist's dirty money

7) New York Times reports on CFP's lobby effort to modify anti-money laundering bill

8) FYI --FATF Meets in Emergency Session - 29-31 October 2001, Washington DC

9) Dan Mitchell in USA Today: Says withdrawal of IRS bank deposit interest regulation should be part of tax cut package

10) FYI: Discovery Institute's Richard Rahn on Ending fiscal fluster . . . and anxiety

11) CFP News Clips

 

1) CFP Strategic Memo and Press Statement on the Anti-Money Laundering legislation signed into law

CFP joined many free-market groups to modify the money laundering bill language. We support the Bush Administration's effort to clamp down on terrorist money, but we object to some of the tactics employed by political opportunists who wanted to add pro-tax harmonization language to the bills. Linked below are our most recent CFP Strategic Memo and Press Statement.

CFP Strategic Memorandum
http://www.freedomandprosperity.org/memos/m10-28-01/m10-28-01.shtml

CFP Press Statement
http://www.freedomandprosperity.org/press/p10-25-01b/p10-25-01b.shtml

News Clip on Money Laundering Bill:

October 28, 2001, Gainesville (Fla) Sun, by Corey Reiss, Money laundering laws fortified after attacks
http://www.sunone.com/articles/2001-10-28f.shtml

October 28, 2001, Bloomberg News (Charlotte Observer), By Bob Gravely, U.S. banks stave off strictest of new rules Burden to combat money laundering would fall overseas
http://www.charlotte.com/observer/business/pub/banks1026.htm

October 29, 2001, Tax-News.com, by Mike Godfrey, Washington Lobbyists Celebrate Tax Haven Victory
http://www.tax-news.com/asp/story/story.asp?storyname=6023

2) Treasury sticks to its position on the OECD anti-tax competition project

Worldwide Tax Daily (October 19, 2001) reports on comments by U.S. Treasury Department's International Tax Counsel Barbara Angus at the District of Columbia Bar Association meeting in mid-October.  Most importantly, Ms. Angus reiterated the U.S. position in favor of tax competition. She stated, "We believe that it is not proper for us to support any country or group of countries to interfere with the internal tax policy decisions of other countries."

This is an important restatement of the U.S. position. Some supporters of the OECD had claimed that the U.S. position somehow would be affected by the terrorist attacks. Fortunately, the Bush Administration understands that criminal behavior has nothing to do with tax policy.

3) CFP in the WSJE: Of Terrorists and Taxes

CFP Board member Veronique de Rugy's insightful column in the Wall Street Journal Europe.  Link to article below:
http://www.freedomandprosperity.org/Articles/wsje10-24-01/wsje10-24-01.shtml

4) Miami Herald: Administration may shelve IRS proposal

Reports that the Bush Administration may withdraw the proposed regulation to require the reporting of bank deposit interest paid to nonresident aliens is encouraging.  However, we believe that pressure must be maintained to ensure that the regulation is pulled.  Over the next few weeks we will be working toward this goal.  Below is the link to the Miami Herald article and to CFP's "Dump the IRS NRA Regulation" page.

October 24, 2001, Miami Herald, By J. Bussey, Administration may shelve IRS proposal
http://www.miami.com/herald/content/business/digdocs/033243.htm

CFP's Dump the IRS NRA Regulation
http://www.freedomandprosperity.org/update/irsreg/irsreg.shtml

5) Senate Levin Misses the Point AGAIN. . .

It is nice to know that Senators Levin, Kerry, Sarbanes, Schumer and Stabenow know about the Center's lobbying activities. In fact it is a pleasure to have them acknowledge our effectiveness. My only complaint is that they seem to misrepresent our position every time they speak. Linked below is the latest example from a recent press conference:
http://www.freedomandprosperity.org/Papers/conference/conference.shtml

6) ITIO tax harmonization and terrorist's dirty money

Visit the International Tax and Investment Organisation's web page to get some interesting articles and papers on the OECD's and EU's tax harmonization agenda.

International Tax and Investment Organisation's web page:
www.itio.org

October 25, 2001, Tax-News.com, by Amanda Banks, ITIO Calls For Consistency From OECD
http://www.tax-news.com/asp/story/story.asp?storyname=5975

7) New York Times reports on CFP's lobby effort to modify anti-money laundering bill

[Excerpt]
"Conservative groups and bankers have lobbied against the measures, although their approach has been low key relative to the intensive efforts to kill such legislation in the past.

"Some 25 conservative leaders organized by the Center for Freedom and Prosperity sent a letter to President Bush earlier this month urging him to reject the Senate's proposals on money laundering. They called the new rules a back-door effort to eliminate international competition in the financial industry and argued that it gave too much power to the Treasury secretary.

[From the October 17, 2001, The New York Times, by Joseph Kahn and Kurt Eichenwald, A Nation Challenged: The Antiterror Bill; House and Senate Leaders Clash on Banking Measure]

8) FYI --FATF Meets in Emergency Session - 29-31 October 2001, Washington DC

The FATF meets to discuss money laundering in the wake of the September 11 terrorist attacks. The Center supports the effort to crack down on murderers and thugs. However, as we have seen with the recent Anti-Money Laundering legislation, political hacks will do anything to help bolster the failing economies of Europe's high tax welfare states. We call on the FATF to resist this pressure and instead work constructively toward identifying the criminals, tracking their assets, and building international cooperation through mutual legal assistance treaties.  And, of course, sanction and punish any country that does not cooperate to rid us from the Bin Ladens' of the world.

[From the OECD]: "The Financial Action Task Force (FATF) Plenary Session will be opened by US Treasury Secretary Mr. Paul O'Neill. Journalists are invited to attend the opening of the meeting at 9.30 a.m., Monday 29 October in the Omni Shoreham Hotel in Washington. The rest of the meeting will be held in closed session.

"Following the FATF Plenary, Ms. Clarie Lo, the FATF President, and Mr. Patrick Moulette, the FATF Executive Secretary, will hold a news conference at the National Press Club at 10.00 a.m., Wednesday 31 October to announce the outcome of the discussions and the measures adopted at the meeting."

Press Clip on FATF meeting

October 28, 2001, Financial Times, by Michael Peel  and Edward Alden, Fresh action may be taken on terror funds
http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid=FT33JVV4DTC&live=t rue

9) Dan Mitchell in USA Today: Says withdrawal of IRS bank deposit interest regulation should be part of tax cut package.

"The good news is that the tax cut Congress approved earlier this year will encourage economic growth. The bad news is that we will have to wait awhile: Most of the tax-rate reductions won't take effect until 2004 and 2006." Full story linked below:
http://www.usatoday.com/usatonline/20011025/3567420s.htm

10) FYI: Discovery Institute's Richard Rahn on Ending fiscal fluster . . . and anxiety

October 17, 2001, The Washington Times, by Richard Rahn, Ending fiscal fluster . . . and anxiety
http://www.freedomandprosperity.org/Articles/rahn10-17-01/rahn10-17-01.shtml

11) CFP News Clips

October 18, 2001, Tax-News.com, by Mike Godfrey, OECD Launches Renewed Attack On Offshore Jurisdictions
http://www.tax-news.com/asp/story/story.asp?storyname=5881

October 11, 2001, Tax-News.com, Money-Laundering Bills Are Flawed, Says US Think-Tank
http://www.tax-news.com/asp/story/story.asp?storyname=5779

October 29, 2001, Tax-News.com, by Amanda Banks, Panama Praised For Speedy Response To Terrorist Attacks
http://www.tax-news.com/asp/story/story.asp?storyname=6011

November 11, 2001, Forbes Magazine, Richard C. Morais, Private Banking: R.I.P.
http://www.forbes.com/forbes/2001/1112/080.html?_requestid=166402

November 11, 2001, Forbes Magazine, Richard C. Morais, The Myth of Swiss Bank Secrecy
http://www.forbes.com/forbes/2001/1112/080s01.html

October 21 2001, Business Ireland, Tom McEnaney, OECD says Ireland will top world growth
http://www.sunday-times.co.uk/news/pages/sti/2001/10/21/stibuibui01001.html

October  25, 2001, Financial Times; Global Investing: Veils drop from offshore hideaways
http://globalarchive.ft.com/globalarchive/article.html?id=011025000425

 

Best regards,

Andrew Quinlan
Center for Freedom and Prosperity
President
202-285-0244
208-728-9639 (efax)
quinlan@freedomandprosperity.org
www.freedomandprosperity.org

 

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