ISRAELI BANK TO PAY $195 MILLION FOR US TAX-AVOIDANCE SCHEME

The Daily Mail on 13th March reported that one of Israel’s largest banks has agreed to pay $195 million for helping US citizens avoid paying taxes using offshore accounts.  The US Attorney’s office says Mizrahi-Tefahot Bank Ltd and 2 subsidiaries agreed a deferred prosecution agreement with the DoJ.  The bank has more than 4,000 employees and a Los Angeles branch.  The bank agreed to pay the government $53 million in restitution, plus the $24 million in fees it earned from the transactions and a $118 million fine.

https://www.dailymail.co.uk/wires/ap/article-6802191/Israeli-bank-pay-195M-US-tax-avoidance-scheme.html

http://www.mondovisione.com/media-and-resources/news/us-department-of-justice-mizrahi-tefahot-bank-ltd-admits-its-employees-helped/

 

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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