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Dáil Éireann díospóireacht -
Tuesday, 3 Apr 2001

Vol. 533 No. 6

Other Questions - Ansbacher Deposits.

Emmet Stagg

Ceist:

40 Mr. Stagg asked the Minister for Finance the progress which has been made by the Revenue Commissioners' investigation into the tax affairs of 120 individuals linked to the Ansbacher deposits; when it is expected that the investigation will be completed; the total amount in payments secured as a result of the investigation; the average amount paid; and if he will make a statement on the matter. [9751/01]

The Deputy will be aware that this question was dealt with on 20 February 2001. I am advised by the Revenue Commissioners that the position is largely unchanged. The work of the special team established to investigate the tax affairs of those named in the report of the authorised officer on the examination of the books and documents of Ansbacher (Cayman) Limited is ongoing. As I indicated previously, the Revenue has informed me that this work entails examining the tax affairs not only of the individuals but of associated entities, including companies and trusts going as far back as the 1970s. Conse quently, the work is complex, time consuming and detailed. It is expected that the investigations will continue for some time and I understand it is impossible to indicate at this stage when the operation will be completed.

The Revenue has secured information from some of the named persons and has successfully obtained court orders against financial institutions to supply information in addition to the report of the authorised officer. To date, almost 65,000 documents have been received from various parties involved. This documentation is being controlled and interrogated using computer software. Available Revenue powers will continue to be used as appropriate to secure further information. To date, payments averaging £217,000 per case have been received from 29 cases on the list while a further seven cases with offshore investment or deposits have paid an average of £185,000 per case. Thus, the total amount collected to date is £7.6 million.

The figures are similar to those the Minister gave me on 20 February. Since then there have been press reports that Ansbacher (Cayman) Limited or a bank associated with it in the Cayman Islands is willing to co-operate with the Revenue. I presume the Minister has read these reports. I understand this is being challenged by some Irish individuals or trusts in the courts in the Cayman Islands. Will the Minister indicate whether the Revenue is pursuing that matter and whether it intends to be represented in the Cayman Islands if such matters go to court?

No, the Revenue is not involved in the approach of the court in the Cayman Islands. That is not a Revenue matter and any such approach would be a matter for the High Court inspectorate.

I appreciate this is a matter for the courts but, as I understood it from the press reports, the Cayman Islands' bank indicated it was willing to make available information which would be of interest to the Revenue.

Most of the information that has come to light in this regard has arisen from various reports and is of considerable interest to the Revenue but the approach of the court in the Cayman Islands is a matter for the inspectorate, not the Revenue. The Revenue has good reason for that because tax evasion is not a criminal activity in many of these jurisdictions. I am not sure what is the position in the Cayman Islands and, therefore, if the Revenue was involved that might lessen the chances of a successful outcome to the approach in the Cayman Islands. I do not have a brief but I assume that is part of the reasoning.

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