CANADA, ISRAEL SIGN AGREEMENT ON DOUBLE TAXATION As Prime Minister Justin Trudeau joined other world leaders in addressing the United Nations General Assembly, behind the glare of the camera lights, Foreign Affairs Minister Stéphane Dion met with Israel’s Finance Minster Moshe Kahlon on the sidelines to sign an agreement to… – Continue reading
The investigation and prosecution of tax evasion has, in the last decade, grown from a specialised subcategory of law enforcement into a first-tier policy concern for the global community.Starting with the US government’s crackdown on Swiss bank UBS in 2008, there has been a steady drumbeat of news about prosecutions… – Continue reading
The investigation and prosecution of tax evasion has, in the last decade, grown from a specialized subcategory of law enforcement into a first-tier policy concern for the global community. Starting with the U.S. government’s crackdown on Swiss bank UBS in 2008, there has been a steady drumbeat of news about… – Continue reading
An independent panel appointed by Bank Leumi Le-Israel Ltd. recommended that a former chairman and chief executive officer both return bonuses after the lender agreed to pay a fine to U.S. authorities in a tax probe. An insurer for the former bank officials will pay an additional $92 million. Leumi,… – Continue reading
Dozens of banks signed amnesty agreements disclosing tactics, providing prosecutors with valuable information At a rate of one or two a week, Swiss banks are doing what was once unthinkable: revealing to the world how they helped wealthy Americans cheat on their taxes. Once bastions of secrecy, 41 Swiss banks… – Continue reading
Former Nudie Juice CEO Andrew Binetter allegedly sought the destruction of incriminating files at Bank Hapoalim. The names of Israeli banks Bank Hapoalim (TASE: POLI) and Israel Discount Bank (TASE: DSCT) have been mentioned in the Australian press as involved in alleged tax fraud in the millions of dollars by… – Continue reading
The Bank of Israel asked Bank Leumi Le-Israel Ltd. to set up an independent committee to examine management performance and bonuses after the lender agreed in December to pay a fine to U.S. authorities in a tax probe. Leumi, Israel’s second-largest lender, agreed the $400 million fine after a seven-year… – Continue reading
Regulator demands Bank Leumi investigate top management in wake of U.S. tax-evasion settlement. Bank Leumi should take back bonuses it paid three former senior executives after the lender was forced to pay a huge penalty to the United States for tax violations that occurred under their watch, Banks Supervisor David… – Continue reading
FATCA was enacted into law by section 501(a) of the Hiring Incentives to Restore Employments (HIRE) Act 2010 as a revenue offset to help pay for the continuation of unemployment benefits for workers laid off during the 2008-2010 financial crisis. In July 2008, the U.S. Senate Permanent Subcommittee on Investigations… – Continue reading
WASHINGTON, D.C. (WDAM) –This is a news release from the U.S. Department of Justice. Two tax return preparers with offices located in California, Maryland and New York were sentenced today in Los Angeles for facilitating an offshore tax fraud scheme, announced Acting Assistant Attorney General Caroline D. Ciraolo of the… – Continue reading
LOS ANGELES (CN) – Two tax preparers convicted of running an offshore tax-fraud scheme were given federal prison sentences on Monday, the Justice Department said. David Kalai and his son Nadav, both principals of United Revenue Service, were convicted of one count of conspiracy to defraud the Internal Revenue Service… – Continue reading
A Laguna Beach doctor was sentenced today to probation and ordered to pay about $235,000 in fines and restitution for hiding an offshore bank account. Baruch Fogel, an obstetrician and gynecologist, diverted at least $8 million to an undeclared bank account in Luxembourg through the Israel-based Bank Leumi, according to… – Continue reading
The Bank of Israel audit finds failures and negligence in oversight at Bank Leumi. Failures, mistakes, negligence in oversight: these are only some of the terms used by Supervisor of Banks David Zaken to describe the findings of an audit conducted in recent months on the conduct of Bank Leumi… – Continue reading
In a deal with U.S. prosecutors, Swiss private bank BSI SA agreed today to pay a $211 million penalty and hand over leads on more than 3,000 accounts with U.S. ties, as well as the actual names of an undisclosed, but presumably much smaller group of U.S. account owners. The… – Continue reading
MANHATTAN (CN) – Israel’s largest bank helped procure sham loans for clients and advised them to dodge taxes in other ways, a shareholder class action says. Michael Porat, a citizen of Israel, filed the 57-page complaint against Bank Leumi and various international subsidiaries in New York County Supreme Court. Sixty-one… – Continue reading
Feb 26 (Reuters) – Israel’s banking regulator has demanded that two of Israel’s largest banks set aside money to settle possible U.S. tax evasion investigations, Army Radio reported on Thursday. Citing an unnamed source, the radio said the request was made to Hapoalim, Israel’s largest bank, and Mizrahi Tefahot, the… – Continue reading
The issue of whether Israeli banks should take the Swiss approach and refuse to disclose customer identities may be a moot point, in light of a new international anti-tax-evasion treaty that is taking shape. There is a direct line connecting the disclosure of the identities of 6,200 Israelis with Swiss… – Continue reading
The US Internal Revenue Service (IRS) has posted tax investigators to foreign embassies to lead a Foreign Account Tax Compliance Act (FATCA) crackdown on suspected tax evasion. The Asia Pacific financial centres of Hong and Singapore are two of the main targets, according to industry experts. The move follows claims… – Continue reading
Almost every day brings new evidence that the era of bank secrecy for tax evaders using Swiss and “offshore” bank accounts in “tax havens” is over. Both tax authorities and banks are clamping down on unreported offshore accounts. Early in 2014, Swiss bank Credit Suisse agreed to pay fines of… – Continue reading
(Reuters) – Shareholders in Israel’s Bank Leumi are seeking to file a class action lawsuit worth about 475 million shekels ($119 million) against the bank over its handling of a U.S. probe into alleged tax evasion, Bank Leumi said on Sunday. Leumi, Israel’s second largest lender, said the lawsuit argues… – Continue reading
Other bodies announce similar probes; bank agreed to pay $400 million to US he Attorney General’s Office will open an investigation into the Bank Leumi Group, it revealed Thursday, weeks after the bank agreed to pay $400 million to United States and New York authorities for helping American taxpayers hide… – Continue reading
The Attorney General will examine the civil and criminal implications of the bank’s conduct in helping US citizens evade US taxes. Attorney General Yehuda Weinstein is to examine the Bank Leumi (TASE: LUMI) tax evasion affair, in which the Israeli bank helped American customers evade US taxes. Weinstein is consulting… – Continue reading
Bank Leumi Le-Israel Ltd. (LUMI) agreed to pay $400 million and admit it helped American clients evade taxes for a decade, in a case showing that U.S. prosecutors and New York regulators are extending their probes of offshore tax evasion beyond Switzerland. The Justice Department filed a conspiracy charge today… – Continue reading
A father and son who ran a tax-preparation business were convicted in Los Angeles of conspiring to help clients cheat the Internal Revenue Service by setting up undeclared offshore bank accounts. David Kalai, the founder and former chief executive officer of United Revenue Service, and his son Nadav, who was… – Continue reading
Bank Leumi Le-Israel Ltd. (LUMI) expects to reach an accord with the U.S. government by next month over accusations Israel’s second-largest bank helped Americans evade taxes. “The management believes it is right to reach an agreement with authorities, just as global banks have done,” Leumi’s legal adviser Hanan Friedman said… – Continue reading
Bank Leumi Le Israel (LUMI) BM is close to a $400 million settlement of federal and state investigations into whether it helped Americans evade taxes, according to a person with knowledge of the matter. Under the proposed accord, Bank Leumi would pay about $270 million to the Justice Department and… – Continue reading
Nov. 26 (Bloomberg) — Bank Leumi Le Israel BM is close to a $400 million settlement of federal and state investigations into whether it helped Americans evade taxes, according to a person with knowledge of the matter. Under the proposed accord, Bank Leumi would pay about $270 million to the… – Continue reading
A source revealed that in order to settle the investigation into whether Bank Leumi Le-Israel (LUMI) BM helped Americans evade taxes, New York’s banking regulator will ask for over $300 million. The head of the state’s Department of Financial Services, Benjamin Lawsky, is looking for an amount that surpasses what… – Continue reading
* Leumi says working with NY State regulators on settlement * Says too soon to estimate final amount of deal * Bank rejects $300 mln settlement offer from NY State * Leumi has provisioned 950 mln shekels for final settlement * Share price falls 1.9 pct in Tel Aviv trading… – Continue reading
New York’s banking regulator will ask for more than $300 million to settle an investigation into whether Bank Leumi Le-Israel (LUMI) BM helped Americans evade taxes, a person familiar with the matter said. Benjamin Lawsky, head of the state’s Department of Financial Services, is seeking more than what the bank… – Continue reading
GENEVA: As Switzerland’s long-cherished banking secrecy practices evaporate, the institutions that helped create the world’s largest offshore tax haven are dramatically rethinking their business models in a bid to survive. Already reeling from the painful process of making amends for allowing foreign nationals to hide assets from the taxman back… – Continue reading
Bank Leumi, Israel’s second largest bank, said on Sunday it was close to a deal to pay nearly 1 billion shekels ($289 million) to the U.S. Justice Department in relation to its investigation into possible tax evasion by the bank’s American clients. The settlement, likely to take weeks or months… – Continue reading
Bank Leumi, one of Israel’s largest financial institutions, will pay a billion-shekel fine to US authorities for suspected tax evasion, Channel 2 reported on Sunday. Related: Israel agrees to turn American’s bank accounts over to IRS According to a US-led investigation, the bank’s American branches made illegal transactions to clients’… – Continue reading
