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Saturday, August 15th, 2020

Panama Papers: Inside Anglo’s ‘smooth and quiet’ Austrian business

by April 5, 2016 General

It was not a surprise that Anglo Irish Bank’s branch in Austria was being recommended by a Panama-based law firm to clients looking to conceal the ownership of assets.

The Irish bank’s Vienna operation had in the 2000s been aggressively soliciting for business from wealthy depositors on the basis that their money would remain a secret if deposited in Austria.

The branch featured in a list of seven banks recommended by Mossack Fonseca, the Panamanian law firm that helped the rich and powerful conceal the ownership and control of assets, according to leaked documents obtained by the International Consortium of Investigative Journalists, of which The Irish Times is a partner.

Anglo Irish Bank (Austria) appeared in other records leaked to the Washington-based consortium three years ago from a Singapore company that helped clients set up offshore companies and trusts in the British Virgin Islands, the Cook Islands and other tax havens.