Recent reports have revealed that when Ireland's new single financial regulator launches in 2003, it will have the authority to report directly to the Revenue Commissioners any financial insitution which it believes is being used for tax evasion or money laundering purposes.
This is a significant extension on the powers afforded to the Central Bank, which, since 1994 has been obliged to report any such suspicions to the Gardai, but has not been able to go directly to the tax authority.
When up and running, the new regulatory body will be responsible for the regulation of all Irish financial institutions, including credit unions, credit institutions, financial exchanges, stock exchanges, mutual funds, insurance intermediaries, insurance companies, mortgage brokers, and investment intermediaries.
According to the Irish Independent, the single watchdog will also have consumer protection powers, and will incorporate staff from the Central Bank, the Department of Enterprise, Trade and Employment, the Society of Friendly Societies, and the Director of Consumer Affairs.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment