Dublin, Ireland - Thousands of tax dodgers faced a Monday deadline to inform Ireland's tax collection agency they have been hiding funds in insurance policies.

The Revenue Commissioners said that those who admitted hiding funds in this manner would face reduced penalties, wouldn't have their names published in newspapers and would face no criminal charges.

The agency said it expected its crackdown to yield about £1-billion from 10 000 tax dodgers.

About 2 500 people already have made admissions and face a July 22 deadline to pay overdue tax, penalties and interest.

The agency has yielded similar results in previous probes into Irish residents' offshore bank accounts and property portfolios. - Sapa-AP