Irish Inspectors May Pursue Second Cayman Case Over Ansbacher Account Names

by Robert Lee, Tax-news.com, London

31 May 2001

Earlier this week, we reported on the ruling by the Chief Justice of the Cayman Islands that Ansbacher Bank is not allowed to reveal the identities of Irish individuals who held non-resident accounts in the jurisdiction. The judgement, delivered by Mr Justice Anthony Smellie, might have at first seemed a blow to the Irish authorities, but these same High Court inspectors are reported to be looking into the possibility of pursuing a second Cayman case.

According to press reports this week, the four inspectors involved in the Ansbacher inquiry had suspended their own legal action in the Cayman Islands pending the long-awaited ruling of the jurisdiction's Grand Court. The inspectors are now said to be considering the effect of the judgment on their own case. Of course, things are different now in that any attempt to get the disclosure ruling reversed will meet with opposition from Ansbacher, because Ansbacher now has the ruling to fall back on and is not on such precarious turf as before.

Irish Tanaiste, Mary Harney, is not going to let the matter rest either, and has pledged to make public the names of all Ansbacher Bank account holders. Whilst she admits that last week's ruling in the Cayman Islands is a "disappointing setback", she remains confident that all individuals involved will be identified in an upcoming report by the Irish High Court inspectors, which is due to be published later this year. Ms Harney was quoted in the Irish press as saying: 'This investigation is very much like a large jigsaw. Everything is linked and fits together in some way. But I am confident we will be able to publish a substantial report in the autumn on the whole Ansbacher situation.'

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