Irish Parliament To Probe Manx Bank Deposits
By Jason Gorringe, Tax-news.com, London
06 December 2000
The influential Public
Accounts Committee of the Irish Parliament (the Dail) is to probe
the "quite amazing amount of money" held by Irish banks
and institutions on the Isle of Man. The scale of the amounts,
variously reported at between £3 and £4 billion, is
likely to open a new chapter on ongoing enquiries into tax evasion
in Ireland.
The Public Accounts
Committee Chairman, Mr. Jim Mitchell, has called for jail sentences
for "white collar crime". He told the media: "I'm
a little taken aback that despite all that's come out in this
inquiry to date, here's still the old culture of non-deterrence,
non-prosecution, and non-custodial sentences for white-collar
crime. This committee will not tolerate a Mickey Mouse response,
we want effective deterrence. We don't want people in jail just
for the fun of it, we want them in jail to make sure a lesson
goes out to other people that tax evasion becomes a highly unfashionable
thing in this country."
Mr Mitchell was presumably
referring to the long-running Ansbacher affair and the DIRT (Deposit
Interest Retention Tax) scandal, both of which involved highly-placed
Irish public figures who seem to have been encouraged or anyway
allowed to subvert Irish tax laws by covertly placing funds in
Jersey, the Cayman Islands and other offshore centres. Although
the Government has lists of the people involved, and some of the
banks concerned have made compensation payments to the tax office,
no-one has been subjected to a criminal prosecution, perhaps on
the basis that 'everyone was doing it' (other than Mr Mitchell,
of course), so that no-one wants to throw the first stone.
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