Vol. 512 No. 6
55 Mr. Gilmore 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. [26887/99]
I am advised by the Revenue Commissioners that they set up a special unit to investigate the tax compliance position of the individuals named in the report of the authorised officer on the examination of the books and documents of Ansbacher (Cayman) Limited which was provided to Revenue on 23 September 1999. This unit began operating in October.
The complex investigations involved, which cover events from the 1970s onwards, are being given priority but are at an early stage. There have been communications with various parties involved in the matter. Revenue has also obtained certain information from financial institutions using the new powers given to them in the Finance Act, 1999. However, the investigations are likely to be time consuming and detailed and it is not possible at this stage to make any firm estimation of when they will be concluded or of the potential tax yield from them.
