Revenue nets €500m in offshore account trawl

THE Revenue Commissioners received a staggering €500 million last month from its ongoing investigations into offshore accounts.

The latest windfall comes as AIB publish a report this morning into how it overcharged foreign exchange customers by an estimated €20m. Allegations of tax evasion by its own senior executives through an offshore investment vehicle may also be addressed.

Revenue Commissioners chairman Frank Daly disclosed yesterday the running total of its major investigations into offshore accounts stood at €1.5 billion, a rise of over half a billion euro since March 2004.