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

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