Bank officials targeted in tax probe

BANK officials who advised and assisted customers to evade tax will be prosecuted, Justice Minister Michael McDowell has warned.

Mr McDowell said it was clear both customers and finance officials were involved in deliberately avoiding tax through complex offshore schemes. He said those guilty must be brought to justice.

Last week, the Revenue Commissioners said it was investigating all banks who had illegal offshore accounts. It is estimated financial institutions could have as much as €4 billion belonging to Irish residents in accounts in the Channel Islands.