Vol. 515 No. 1
48 Ms McManus asked the Minister for Finance the progress, if any, made by the Revenue Commissioners in regard to its investigation of the revenue implications of the Ansbacher accounts; and if he will make a statement on the matter. [5269/00]
I am advised by the Revenue Commissioners that, following on the receipt of the report of the Companies Act authorised officer, an Ansbacher review team was established. In addition to the investigation of the 120 individuals named in the report, the position of a substantial number of associated persons – including individuals, companies and discretionary trusts – along with professional advisers and some financiers also has to be reviewed.
The investigation is complex due to the age of some of the transactions being investigated, the fact that some of the individuals named are deceased or are non-resident, and that other individuals are not clearly identified in the report. The work will require long and painstaking research.
I am informed by the Revenue Commissioners that, to date, a small number of the individuals concerned have admitted that there are additional liabilities. Another small number have indicated that the 1993 amnesty legislation was used to regularise their tax position. A majority of the other cases confronted to date have denied that there is any problem with their tax declarations. Inquiries in all relevant cases are continuing, using all appropriate powers. Given the complexities involved, it will clearly take some considerable time to bring the inquiries to completion.
