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Cayman Island Banks PDF Print E-mail
Thursday, 04 December 2008 15:43


Cayman Island Banks

Will Cayman come clean?

The Cayman Islands is one of about nine offshore centres that avoided being blacklisted by the OECD by committing to reform its tax practices.

And yet, although the island has information on more than 100 accounts that have been used to facilitate tax evasion, it is debating whether to hand over details to Irish High Court investigators. The move came after Ansbacher applied to the Cayman court asking to hand over the information.

Cayman Island Banks & The Irish High Court Inspectors

The records form the core of the information the bank has suggested it should give the Irish High Court inspectors investigating the deposits used to facilitate major tax evasion.

The records will not be released, however, unless the Cayman courts rule that such a move can be sanctioned under local secrecy laws. Some of the records may contain details of the affairs of people not yet known by the inspectors, and to the affairs of non-Irish people whose funds were lodged in the Republic at some stage.

Cayman Island Banks Approach The Courts

The Cayman bank’s decision to approach the courts has angered clients, or former clients, who believe information not already known to the inspectors may be involved. If the Cayman courts decide in favour of the bank these clients could appeal, which could take up to two years and prove costly. The court hearing of the application from Ansbacher to release the account details continued as we went to press.

If the ruling is in favour of Ansbacher, any of the three objectors before the courts could appeal to the three-judge Court of Appeal on the Cayman Islands and could be further appealed to the Privy Council in London.

Cayman Island Banks - Revenue Commissioners

If the information is handed over, it will eventually come into the hands of the Revenue Commissioners, which may be involved in settlement negotiations with some of those affected. The decision of the Cayman bank to change its policy in relation to inquiries concerning the Ansbacher deposits is believed to follow pressure from its London headquarters, as well as from its South African parent, Firstrand.

 

   

 

Last Updated on Tuesday, 06 January 2009 13:08
 

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