The number of individuals, companies and trusts being investigated by the Revenue Commissioners over the Ansbacher Deposits has widened from 120 to 500, according to chairman Mr Dermot Quigley.
The fourfold increase in the scope of the inquiry into the secretive financial system controlled by the late Mr Des Traynor, through which millions of pounds were concealed from the Revenue from the early 1970s up to 1997, follows the collection of 1,500 documents from financial institutions and others.
To date, some 40 individuals being investigated as holders of Ansbacher deposits have made payments totalling £8 million (#10.2 million) to the Revenue. These payments have been made on their account and do not represent a full and final settlement of their tax affairs in this matter.
Mr Quigley refused to comment on whether any further funds had been collected from individuals associated with other issues highlighted by the Moriarty and Flood tribunals.
The Revenue is represented at both tribunals and Mr Quigley said any money recovered arising out of the inquiries would be disclosed as coming from each of these investigations when its investigations are completed.
Meanwhile, just over 50 individuals who concealed income through bogus non-resident accounts in the 1980s and 1990s have availed of the special arrangements offered by the Revenue in May to encourage voluntary disclosure.
By making a full disclosure before the November 15th deadline, account holders will have any interest and penalties due capped at 100 per cent of the total amount of tax owing, their names will not be published among the list of tax defaulters and no further inquiry for prosecution will ensue.
Since May, Mr Quigley said the Revenue had collected more than £7 million from individual bogus non-resident account holders.
The trickle into the Exchequer has been very small so far, considering the Revenue has indicated that 25,000 to 50,000 individuals could potentially use the special arrangements to regularise their tax affairs.
He said the small number of disclosures was not that surprising because individuals using the arrangements would need to complete a lot of work with their advisers before making a declaration.
The Revenue has written to the chief executives of the State's financial institutions, asking them to co-operate fully with any individuals who may need access to documentation from the bank to make a return.
"Revenue is reading nothing into the early payments. We are satisfied significant amounts of money will still come in," said Mr Quigley. Those who fail to avail of these arrangements will risk prosecution. Mr Quigley said, after November 15th, it would go back to banks and building societies to request further information on suspected bogus account holders. The Revenue had already gathered much information as part of its lookback audit at the State's financial institutions.
