Next Israeli Bank to Accept Disclosure Agreement in US Tax Evasion Scams

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Mizrahi-Tefahot, Israel’s third-largest bank, have reportedly agreed a non-prosecution deal with US officers, where the bank have agreed to pay USD $195 million in fees and prosecution charges for assisting customers to conceal assets and circumvent US taxation between the years of 2002 and 2012, a lot of it using overseas nominee entities.

Under court orders, the Israeli lender now must disclose account data for all its US-involved bank accounts. Meanwhile, another Israeli bank Hapoalim, has put aside USD $600 million in anticipation of being offered a similar arrangement for its charges.