We need your help now
Support from readers like you keeps The Journal open.
You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.
If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.
Sign in. It’s quick, free and it’s up to you.
An account is an optional way to support the work we do. Find out more.
By continuing, you are indicating that you accept our Terms of Service and Privacy Policy.
ALTHOUGH IT WAS one of the biggest scandals to hit Ireland and the largest tax evasion scheme uncovered by the State, not one prosecution was brought in relation to the Ansbacher accounts scam.
Minister for Finance Michael Noonan said that he would, in response to the revelation, give careful consideration to any proposals that might be put to him in connection with prosecution-related legislation. He explained that it was not possible to convict anybody because 10 years or more had elapsed from the time the offences were committed.
However, Noonan told Deputy Pádraig MacLochlainn in answer to a parliamentary question this week that time limits are a feature of the legal system for evidential and fairness reasons.
“The 10-year limitation on bringing prosecutions provided for in the Taxes Consolidation Act is generally regarded as a balanced timeframe,” he added.
Despite the lack of convictions, Revenue continues to hunt down those who profited from the Ansbacher accounts. Investigations to-date have yielded €112.71 million from 142 people. That sum is made up of €49.05 million in unpaid tax and €63.66 million in penalties.
The Ansbacher accounts ran from 1971 and the Irish business was not wound up until the mid-1990s. As well as the statute of limitations, Revenue ran into problems while trying to obtain original documents as there was no legal mechanism to compel Caymen Island entities to produce them.
“I am informed by the Revenue Commissioners that they undertook detailed and extensive investigations into the operation of the Ansbacher accounts and the tax affairs of the Irish resident account-holders,” continued Noonan.
“This involved the extensive use of legislative powers requiring the production by financial institutions and other third parties of books, records and documentation relevant to the tax liabilities of the account-holders. They found the accounts system operated to be complex and secretive with Irish depositors funds held offshore and no record of the deposits in the State although the depositors had access to their funds in the State.”
Names belonging to “the great and the good of Irish society” appeared in the Ansbacher report of July 2002.
The clandestine sham bank was used by clients to evade paying millions of pounds in taxes in Ireland. Its activities first came to light in 1997, decades after the business was established by Des Traynor, the late financial adviser to former Taoiseach Charles Haughey.
Clients would deposit millions of pounds with Ansbacher which was then treated as an offshore lodgement.
The report itself cost €3.2 million to compile, took three years to write, ran to 10,000 pages and weighed 25 kilos.
To embed this post, copy the code below on your site
Leave the rich alone, screw the ordinary folk! Elected by the poor, to protect the rich!
Well then maybe the poor should cop on and get involved in politics instead of sitting on the journal all day whining about politics?
The Ansbacher Accounts scandal was orchestrated by one of Ireland’s most corrupt men – Des Traynor (RIP) who had a long association with CRH Plc as both director &Chairman. The Ansbacher Accounts were run from CRH HQ by CRH employees. Eight of CRH’s 15 person board of directors were found to have operated illegal Ansbacher Accounts. The Ansbacher Inspectors found that CRH Plc did not “knowingly” run the Ansbacher scam despite the inspectors being “struck by the range of activities carried out on CRH premises and making use of CRH facilities…for almost six years…The range and duration of the activities is suggestive…of the idea that CRH was actually aware of Mr. Traynor’s conduct”. CRH Plc is Ireland’s largest,most controversial and powerful company &has benefited from wholesale immunity from the State for decades &continues to be protected by the FG / Labour government. The Oireachtas, Competition Authority, ODCE, Moriarty Tribunal, Ansbacher Inspectors, DPP, Central Bank &Revenue Commissioners are examples of State providing protection to CRH Plc.
This is what Richard Bruton had to say at the time the Ansbacher Report was published:- “The Report revealed a criminal conspiracy to defraud the compliant taxpayer. Mr. Bruton however previously worked as an economist with CRH and continues to hold shares in CRH though he omitted to declare same in his declaration of interests – is it any surprise that there have been no convictions. So much for Enda’s new politics.
If i murder someone twenty years ago but only get caught now are they gonna tell me it’s okay because it was more then ten years ago? Would they f**k… Broke the law ten, twenty, thirty years ago it shouldn’t matter.
So the piggies in their piggy suits get away again. Meanwhile we go to prison for a TV license fine not paid.
Did the countless irish heroes over the centuries die for this?
It is not lack of engagement of the poor in politics or the poor not being politically active which is the cause of this. It is simply the influence of wealth and privilege on our politicians.
The political system in Ireland favours the rich and the well connected over the poor.
Massive tax evasion is regarded in wealthy circles as actually virtuous and proper. Defrauding Social Protection of small sums is regarded as evil.
Add it to a long list that includes Moriarty and Mahon.
Its 6 years since the biggest heist took place 4 more years piggies, not that the 10 year thing is guna matter in this sham of an island. Gwan Ireland!!!!!
Investigations start next year.
We can expect a three year legal trough fest so.
Great little country!
Does anyone know which party Pádraig MacLochlainn is in?
Its not in the article?
I can assume that he is not in FG/FF, as both of these partys had TD implicated in the whole affair. Again, one rule of law for TDs from the FG-FF-Labour partys, and another rule of law for everyone else in the country, not connected to those partys.
have your say