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The Delamere-International Newsletter ©

Edition of 31 May 2002 #111

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For a review of back issues, click here

IN THIS ISSUE

1. How Do You Start Your day?

2. News Release Regarding the Issuing of US Passports.

3. Moving Money Between Countries is not so Straightforward?

4. How to remain anonymous while still holding an off shore account.

5. South Africa is a great place for money laundering.

6. Canadian firm to begin Titanium mining operations in Kenya.

7. Victory for the Whales.

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1. How Do You Start Your Day?
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Many of our clients and site visitors enjoy and appreciate having access to up to date, accurate and unprejudiced news, and we have received expressions of appreciation for creating direct links to the important daily newspapers, business journals and magazines.

We have recently added on our News Page of the "Delamere-Pennine Associates" website, those important newspapers related to the African region and the Caribbean Basin region which keep our readers up to date with our Global Trade news.

One of the most valued features on our News Page is the daily item release by NASA, known as the "Astronomy Picture of the Day". Since the recent upgrade of the Hubble Space Telescope some remarkable pictures are being photographed which helps us to personally keep a true perspective of our place in the Universe. These daily pictures originate and are edited by Robert Nemiroff and Jerry Bonnel, two professional astronomers and a review of the Archived pictures is an experience not to be missed.

To enjoy a peek at the latest picture go to our News Page and click on the item "How Do You Start Your Day?"

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2. News Release Regarding the Issuing of US Passports
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As many of our clients frequently travel abroad we wish to remind you of the following information released by the US State Department. Passports will no longer be issued at U.S. embassies and consulates overseas.

Passports issued for Americans abroad will now be issued by the National Passport Processing Center in Portsmouth, N.H., USA, to accommodate the incorporation of a digitized image and other new passport security features. This new policy will increase processing time for Americans applying for passports abroad, but the State Dept. believes it will increase security. Americans abroad with passport needs are encouraged to apply early. Embassies and consulates will be able to issue passports with limited validity for urgent travel. For the complete story, see the State Dept. press release. click here

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3. Moving Money Between Countries is not so Straightforward
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This may seem a strange question to many who live in the more stable, economically developed countries of the world, but we have recently been asked to clarify what we mean when the expression "Foreign Exchange Control" is used in our Newsletters and on our website.

When a business or individual who lives in the USA, for example, wishes to send a payment or transfer funds from the U.S.A. to another country, it's a simple step of calling at the bank and requesting a Foreign Draft (Cheque) in the currency of the country you are forwarding the payment. Simple! Not so in some countries of the world, for example South Africa.

In order for businesses or individuals to send money out of that country, permission has to be obtained from the Reserve Bank of South Africa. Most high street banks have delegated powers from the Reserve Bank to approve or reject an application, which is usually up to certain pre-determined amounts. Unfortunately what has developed is a huge department within each banking group, which handles all Foreign Exchange, and of course the usual high fees related with the Applications, which are processed by the banks.

Recently a strong move has been observed in some countries especially South Africa, to abolish altogether the need for foreign exchange control, the reasons given are, by abolishing exchange control investors would be encouraged to invest money in South Africa and feel more comfortable with the local currency stability.

Goldman Sachs economist Jim O'Neill said the country's partial controls were a disincentive to foreign investment, as they were hard to understand and showed what he considered a lack of confidence in the government's economic policies.

An opposing view to the above was given by Standard & Poor's MMS economist George Glynos said the approach of total abolition of exchange control would be considered too risky by the state. He said although it did not make sense for people to take their money offshore while the Rand was so undervalued, it was always difficult to predict how people would react to a plummeting currency. Glynos favoured the abolition of exchange controls but felt that the first step would be to free up the foreign exchange market and allow it to trade 'what it liked, when it liked'. This would boost the market's liquidity, enabling it to absorb outflows caused by further relaxation and minimizing its effect on the currency's external value.

Many of our clients and their families have moved overseas for personal reasons, especially to avoid the increasing dangers plus the deterioration of the living conditions in Southern Africa, but have been prevented from taking their hard earned savings with them, except by illegal means, of which there are a few being used. The danger to the government and the future of the Rand is that if exchange control was abolished the immediate push would come from emigrants' blocked funds, forced by the government to be held in South Africa even though one no longer lives there, now estimated at between R12 billion and R15 billion.

If you have managed to get your funds offshore, there are many ways to make sure that those funds are invested in a safe and secure way. We recommend that you visit our web page, which lists some of the very successful services now being used by our clients, read more.

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4. How to remain anonymous while still holding an off shore account
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One of our associates in their latest newsletter "Off Shore Max" explains how you can still remain anonymous while still holding an off shore bank account. This issue is now becoming of serious concern since last September as the US Government now has powers to force overseas banks to divulge the names of bank account holders in their attempt to thwart terrorists holding secret funds.

If you would like a copy of this newsletter we now have it on file, so please contact us and we will forward a copy.

 

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5. South Africa is a great place for money laundering. Is this true?
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A credible banking sector and weak law enforcement controls made South Africa an ideal location for international money laundering, Rupert Haw, Deloitte & Touche's forensic services manager, said yesterday.

To read the full story click here


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6. Canadian firm to begin Titanium mining operations in Kenya
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Mombasa, Kenya - Canadian mining company, Tiomin Resources, is to start mining operations in three months at its titanium concessions on the Kenyan coast, said a top official on 23 May 2002.

The titanium-bearing mineral sand deposits in the Kenyan Indian Ocean coast are believed to be one of the world's largest undeveloped resources of rutile and zircon, a diamond simulant.

The multi-million dollar project has been dogged by controversy for years, with both locals and environmentalists voicing concerns over land compensation and environmental degradation. Read the full story.

 

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7. Victory for the Whales
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Some members of our staff and a good number of our worldwide clients are members of the Green Peace International Foundation and we are pleased to report the following extract from the latest Green Peace Newsletter.

"The Fisheries Agency of Japan failed again at this year's meeting of the International Whaling Commission to end the 1986 moratorium on commercial whaling despite building a larger than ever bloc of votes bought with promises of overseas development aid."

"Thank you to the thousands of people who wrote letters to Japan, to countries that were selling their vote, and to stiffen the resolve of anti-whaling nations. Thanks also to everyone who signed our picture petition against whaling and encouraged friends and colleagues to join the Global Whale Action Team. In part because of your effort, the plans of the Fisheries Agency of Japan have been defeated for another year and the whales have been given a brief reprieve."

"In a few weeks our whale campaign will begin discussing the next steps. The Fisheries Agency of Japan continues to buy more votes, and unless they are stopped, it is only a matter of time before the ban on commercial whaling is overturned."

You can read details about this crucial meeting click here

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Disclaimer

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