Banks ‘advised clients about bogus accounts’

A GROUP representing people with illegal non-resident bank accounts has criticised claims that banks never encouraged customers to set up bogus accounts.

These account holders are facing massive tax bills following a Revenue clampdown. Finance Minister Charlie McCreevy said the Revenue Commissioners have found no evidence of banks encouraging the practice during the 1970s and 1980s.

“No evidence has emerged from these meetings to date that financial institutions presented or promoted bogus non-resident accounts to their customers,” he said. The Cork-based Reaction Group said it’s going to sue the banks because it alleges they advised people to sign up for bogus products.