Thursday, October 29, 2020

Israel’s 3 largest banks pay hundreds of millions in fines for helping US citizens evade taxes

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On March 12, Israel’s third largest  bank, Mizrahi Tefahot, agreed to pay $195 million to the United States to settle charges that the bank knowingly aided tax evasion by US citizens from 2002 until 2012.  Israel’s largest bank, Leumi paid a $400 million dollar fine for similar “criminal activity” that spanned the period from at least 2000 to 2011. Hapoalim, Israel’s second largest bank is presently negotiating a settlement with the US Justice Department. The total settlement from all three banks will amount to over $1 billion.

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