Irish High Court Orders Disclosure Of Ansbacher Names

by Caroline Maxwell, Tax-News.com, London

26 June 2002

Irish High Court judge, Mr Justice Joseph Finnegan ruled on Monday in favour of full disclosure of the list of Ansbacher (Cayman) Ltd account holders.

According to reports, around 200 Irish residents are thought to have used the Cayman Islands tax free accounts to deposit undeclared assets offshore, although the High Court Judge qualified his ruling by stressing that the mere fact of holding an Ansbacher account does not necessarily constitute tax evasion, as some of those included on the list had borrowed money from the bank which did not give rise to any tax liability.

Explaining his reasoning for having rejected the pleas of lawyers on behalf of unnamed parties opposed to the publication of the Ansbacher report, Judge Finnegan told the court that:

'In the interests of the concerns of a wide interest of commercial life, for public confidence in the tax regime and the banking regime, and in the workings of exchange control, the balance falls firmly in favour of disclosure.'

According to an article published in the Irish Independent on Tuesday, copies of the 10,000 page report will be sent to the US Internal Revenue Service, the Inland Revenue, the Financial Services Authority, and the Department of Trade and Industry in the United Kingdom, and the Cayman Islands Monetary Authority.

In Ireland, the Independent reveals, the Director of Public Prosecutions, Finance Minister Charlie McCreevy, Justice Minister Michael McDowell, and the Institute of Chartered Accountants will all receive copies of the list.

The publication of the report will take place on Tuesday 2nd July, Judge Finnegan announced on Monday.

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