United States: Israel Inks Model 1 FATCA IGA

Bloomberg BNA is reporting that Israel has signed a FATCA IGA.  The agreement is a Model 1 agreement, meaning that Israeli financial institutions will will report information about U.S. customers’ accounts to the Israeli  tax authorities, who will then send that information to the IRS. The news comes only a day after the indictment of a former senior vice president of an Israeli bank, widely believed to be Bank Mizrahi, for conspiring to conceal the existence of undeclared accounts owned and controlled by U.S. customers in Israel.