CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Irish Central Bank Slammed For Failing To Act On Ansbacher Suspicions

Irish Central Bank Slammed For Failing To Act On Ansbacher Suspicions

by Philip Morton, Investors Offshore.com

10 July 2002


The Irish Central Bank has been criticised for failing to pick up on evidence of tax evasion in connection with the Ansbacher (Cayman) Bank sooner, according to a report in the Irish Examiner on Monday.

Citing the 10,000 page Ansbacher report, which was released at the weekend, the Examiner article suggests that the Central Bank could have shut down the scam more than 25 years ago, had the suspicions of inspectors examining the bank's Dublin base been followed up.

The Ansbacher report reveals that from 1976, the Central Bank carried out two-yearly inspections of the Guinness & Mahon Bank, which was the Dublin-based main element of the Ansbacher operation.

During the bank's very first inspection, Central Bank inspector Adrian Byrne raised the alarm, suggesting that what was happening at Ansbacher was tax evasion rather than legal tax avoidance.

'It just didn't smell right, it just didn't taste right. There was something wrong.' Mr Byrne told investigators examining the bank's chequered history.

However, Mr Byrne's concerns were clearly ignored, as the term 'evasion' was removed, and substituted with 'avoidance' in two inspection reports, according to the Ansbacher investigation.

The report goes on to suggest that although the Central Bank's powers were not augmented by legislation until 1989, the banking regulator had enough power at the time that concerns were originally raised as to the legality of Ansbacher's practices to rein in the Guinness & Mahon Bank, had it wanted to.


To see today's news, click here.

Leave a comment

Read our Posting Guidelines

 






Close

Password Reminder

Please enter your email address to receive a password reminder.

 






Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Tax-News+ Updates

Receive FREE daily updates from Tax-News.com, straight to your inbox. Register Now!

For a tailored solution, choose to receive selected news updates for your preferred jurisdictions and topics, with our enhanced Tax-News+ subscriber service. Read more...

 

Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »