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December 23, 2014 10:06 am

Israel’s Bank Leumi to Pay $400 Million in U.S. Tax Charges After Admitting to Criminal Activity

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A Bank Leumi in Israel. Photo: דוד שי via Wikimedia Commons.

Forbes – To resolve U.S. tax charges, Israel’s Bank Leumi has admitted that it helped over 1,500 U.S. account holders evade taxes. One of the largest banks in Israel, Leumi has offices in New York, Florida, Illinois and California. The settlement is costly, but it represents an important resolution for the bank, concluding difficult issues with the U.S. Department of Justice. It also shows that not only Swiss institutions are under scrutiny.

This represents the first time an Israeli bank has admitted to such criminal activity. Bank Leumi Group will pay $270 million in fines to the IRS and an addition $130 million to New York’s Department of Financial Services. Coming on the heels of historic settlements with Swiss banks UBS and Credit Suisse, the format of the deal is similar to the one Swiss bank UBS took, with admissions of wrongdoing and a deferred prosecution agreement from U.S. authorities.

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