textfiles/anarchy/SCAMS/swissacc.txt

                    HOW TO OPEN A SECRET SWISS BANK ACCOUNT

      In order to meet Mr. B, a stranger must first locate his office on
      a narrow side street in Geneva, then negotiate behind solid oak doors
      and electric locks.  Behind those doors Mr. B's secretary escorts the
      visitor through through a series of secluded rooms.  Then finally
      he's led into the inner sanctum -- Mr. B's office.  The blinds are
      quickly pulled, and thick drapes are drawn accross the windows.

      Mr. B heads one of Switzerland's numerous small banks, and his visitor
      wishes to open a secret account.  Mr. B is happy to oblige.  Secret
      bank accounts are his best known stock-in-trade.

      Why does the visitor want a secret bank account?  Mr. B doesn't consider
      it any of his business -- but most people who open these accounts have
      at least a little larceny in their hearts.  Numbered accounts are
      a convenient way to hide money from a spouse in a divorce case.  Or,
      a man may want to set up an account for his mistress without his wife
      knowing about it.  Or, a businessman may want to hide money from his
      creditors prior to filing for bankruptcy.

      There are even a couple of completely above-board reasons for wanting
      a Swiss bank account.  Some are simply hedging against possible
      devaulation of the U.S. dollar.  And others -- those who travel in
      Europe frequently -- may want an account for the convenience of writing
      unquestionably acceptable checks while away from home.

      But if one is to believe the view of the Internal Revenue Service,
      most of the estimated 40,000 Americans with Swiss accounts are evading
      income tax -- much of it on illegal activities.  Beginning in 1970,
      a new question was added to the Federal tax return: "Did you, at any
      time during the taxable year, have any interest in or signature or other
      authority over a bank, securities, or other financial account in a
      foreign country?"  A dishonest answer, of course, makes the taxpayer
      subject to prosecution for perjury -- if caught!  However, it is doubtful
      that even fear of imprisonment will discourage any great number of
      serious tax evaders.

      An even newer law requires people to report the moving of $5,000 or more
      abroad, and requires U.S. banks to give Washington more information
      on international transfers of money.  Again, it is doubtful that
      interest in Swiss bank accounts will subside.  In fact, Swiss bankers
      report that every time any publicity is given the matter, the
      number of inquiries from the United States increases.

      Why do people choose Switzerland for their secret bank accounts?
      Several other countries including Panama, Hong Kong, and Luxembourg
      also offer secret bank accounts to Americans.  Switzerland has a very
      stable economy and a very stable currency, and secrecy is a 300 year
      old tradition.  Furthermore, Swiss banks are complex institutions that
      can do nearly everything for their clients, from buying silver bullion
      in London to arranging a favorable tax treatment with the tax
      authorities!  Any good Swiss banker is prepared to intelligently discuss
      nearly any investment opportunity -- whether it be the merits of South
      African gold shares or a rare work of art.  Try that with the average
      American banker!

      Unfortunately, the walls of secrecy have crumbled just a bit recently.
      By last count, about 800 foreign requests a year for banking information
      are being granted -- mostly under treaties and laws that didn't exist a
      few years ago.  Part of the reason for the release of more information
      may be that more Swiss banks have branches abroad, thus exposing
      themselves to the laws of other countries.  With this in mind, it doesn't
      require much legal expertise to conclude that more confidentiality may
      be achieved by dealing with a Swiss bank that has no foreign operations.

      How does one go about opening a Swiss bank account?  It depends upon the
      degree of privacy desired.  Several Swiss banks have branches in the
      United States (New York, Los Angeles, and San Francisco), but none will
      open a numbered account here.  An account with your name on it is almost
      as good because Swiss law protects the privacy of names too.  But more
      bank employees have access to your name, and, consequently, there is a
      greater chance on information leaks.  Then too, the record of your having
      opened the account in the U.S. may be subject to subpoena by U.S. courts.
      For the utmost in secrecy, go to Switzerland, or you can use a private
      courier.  Some make deposits by going to Canada or the Bahamas and
      transferring cash through friendly banks there.

      The three main types of accounts available are checking, savings, and
      time deposits.  While there is no charge for checking accounts, few
      Americans have use for them unless they travel frequently in Europe or
      want one as status symbol.  Savings accounts pay interest, but
      withdrawals are limited to about $10,000 every 30 days.  Time deposits
      require that you leave your money in the bank for a specified length of
      time (generally 6 months or more), but they have the advantage of
      paying higher interest.  If you want protection against dollar
      devaluation, your deposits can be converted into Swiss francs.

      If only a low degree of privacy serves your purpose, you may want to
      contact one of the Swiss bank branch managers in the United States
      for additional information.  If you are sincerely interested, not just
      a curiosity seeker, they will be happy to talk with you.  Here are some
      of the major branches located in New York City:

          Bank Julius Baer & Co., 330 Madison Ave., New York, NY 10017

          Bank Leu, Ltd., 375 Park Ave., New York, NY 10152

          Swiss Bank Corp., 4 World Trade Center, New York, NY 10048

          Union Bank of Switzerland, 299 Park Ave., New York, NY 10171

      Oh yes, are secret Swiss bank accounts legal?  You bet they are!!
      It's only the use to which they are sometimes put that is illegal!!




      For other materials that pertain to accounts overseas write by
      Snailmail (Regular U.S. First Class Mail) to:

          Offshore Banking News
          301 Plymouth Drive N.E.
          Dalton, GA 30721-9983

      Good luck!

      Typed by Struct Def 28 Dec 1989

      This file is copyrighted (c) 1987 by International Publications,
      PO Box 19749, Indianapolis, Indiana 46219 -ALL RIGHTS RESERVED-

      This file is of course, typed and printed in the United States of
      America.


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