Offshore tax evaders still on the loose

BY ROBBIE SMYTH

Despite 15,000 people disclosing offshore bank accounts to the Revenue Commissioners, there is still the possibility of others slipping the current revenue trawl. Irish tax authorities have no powers over the customers of international banks.

Ulster Bank, National Irish, First Active and the formerly state owned ACC all now have non-Irish owners and do not come under the new powers granted in the Finance Act 2004.

It seems that when the Government were closing this particular stable door, the new locks were faulty.