More Financial Openness Needed Between Ireland And Isle Of Man, Says Celtic League Head
Last week Tax-news.com
reported that 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 amounts are thought to total between £3
and £4 billion and in a major attempt to crack down on tax
evasion, the Public Accounts Committee Chairman, Jim Mitchell,
has called for jail sentences for "white collar crime".
According to the Isle of Man On-line news service, the head of
the Celtic League agrees that something should be done and has
called for more openness about financial transactions between
the Isle of Man, Ireland and other finance centres. Secretary General
of the League, Bernard Moffatt, is reported as saying that said
that an investigation by the Irish parliament into the amount
of money held by Irish banks and in the Isle of Man would open
a new chapter on ongoing inquiries into tax evasion in Ireland.
In a statement, the League said: 'It appears that this latest
Irish initiative will peel away some of the veils of secrecy that
surround our finance centre.' Mr Moffatt said the
investigation comes just months after allegations of the laundering
of public funds from the Russian federation via the Isle of Man.
Mr Moffatt added:
'The new allegations also come hard on the heels of assurances
by the Manx government about the legitimacy of business transacted
here.' .
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