Ireland's Green Party Takes Central Bank To Task

by Jason Gorringe, for LawAndTax-News.com, London

21 October 2003

Finance spokesman for Ireland's Green Party, Dan Boyle suggested on Friday that the Central Bank should be quizzed on the regulatory regime which allowed Irish citizens to access offshore accounts located in Jersey and the Isle of Man via financial institutions based in the Republic.

Following the Revenue Commission's revelation that it had netted some 892 million euros in unpaid taxes from offshore sources, and that 111 million euros of this had come from Bank of Ireland trust accounts held in the Channel Islands, Mr Boyle observed that:

"These were financial products that were widely and very publicly advertised - in the press, on the radio and through internet banners. The nod and wink references in this advertising to accounts being offshore and being handled "confidentially" surely should have sent alarm bells ringing a number of years ago."

He continued:

"The Revenue Commissioners seem to be doing an excellent job in exposing people's involvement in such an obvious tax avoidance scam. However serious questions need to be put to the Central Bank as to why it did not stop the banks and financial institutions from offering these products."

Mr Boyle, who is also a member of the Dail Public Accounts Committee, concluded by suggesting that:

"The ongoing exposure of these accounts must not only concentrate on account holders themselves but must also bring to book those who have encouraged and fostered this evasion culture."

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