Now, however, those found guilty of failing to declare their accounts will be faced with substantial penalties, possible prison sentences and their names will be published in the national press.

Revenue Commissioners estimate that there is around £700 million sitting in 50,000 illegal non-resident bank accounts that has not been declared; so far only £10 million in tax has been paid back to the Revenue.

Revenue Chairman, Dermot Quigley, has warned the offending account holders that from today onwards 'there will be no benefits, no excuse and no escape.' He added: 'These people will be identified and full sanctions will be applied. Even where monetary settlements are agreed the interest and penalties will amount to 300 per cent or more of the tax ... even if the account was closed many years ago, the holder will be identified by Revenue.'

Mr Quigley said that some bogus account holders may be unaware that the Commissioners have been awarded extensive new powers in the Finance Act 1999. Anybody who thinks they can rely on bank confidentiality to avoid identification is very much mistaken; they will find this out to their cost after 15 November, he warned.