The decision of the Cayman Islands court not to reveal the names of Ansbacher accountholders should not be viewed as a victory by those holding the accounts, the Tanaiste, Ms Harney, has said.
Speaking in Cork yesterday, Ms Harney said a substantial number of new names, over and above the 120 companies and individuals already identified by the inspector, Mr Gerry Ryan, had come to light and were now in possession of the Irish authorities. Although she wouldn't specify how many new names had been added to the existing list, Ms Harney said the Revenue authorities here had already been in contact with a number of the newly identified accountholders. "It is important for people to realise that we are talking about a lot more than tax evasion, serious as that is. In a large number of cases, there were multiple breaches of the Companies Act and all that that entails," she added. Neither should people underestimate the volume of data already in the possession of the Irish authorities, which has been linked to data gathered in the Caribbean in an effort "to throw light on a dark era", Ms Harney said.
She said she was determined that material concerning the Ansbacher saga be in the public domain by next autumn. Given the massive secrecy laws surrounding banking in the Cayman Islands, the ruling of the court there came as no great surprise, Ms Harney said. While it was open to the Irish authorities to appeal the decision, the appeals process was quite cumbersome and the Irish inspectors might take the view that the best thing to do was to move on "and do the best they can in the circumstances". Ms Harney said it was very significant that the Cayman Islands court had given Ansbacher the go-ahead to co-operate fully with the Irish inspectors although stopping short of revealing names on the client register.
"I think this is a critical development which will allow the inspectors to examine and test a lot of financial data already in their possession. The court ruling is not a disaster and the Ansbacher names should not view it as a victory," she said.
