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FinancialNews


  • 02-05-20

    Hapoalim Bank admits to tax evasion

    (MENAFN) The Justice Department declared on Thursday that One of Israel's biggest banks admitted guilt to having supported US rate-payers cover billions of dollars in revenue and it hence, offered to pay more than USD 800 million as fines.

    Bank Hapoalim and its wholly-owned Swiss subsidiary admitted to helping US taxpayers and others hide more than $7.6 billion in over 5,500 Swiss and Israeli bank accounts from the US's federal tax authority, the Internal Revenue Service (IRS) in a saga that lasted over a decade, the agency said in a statement.

    According to the department"s statement, Bank Hapoalim and its completely-owned Swiss parent company admitted to helping US ratepayers and others to cover up further than USD 7.6 billion in more than 5,500 Swiss and Israeli bank accounts from the US Federal Tax Authority, the Internal Revenue Service (IRS), in a tragic story that lasted over a decade.

    Bank Hapoalim offered to pay more than USD 874 million to the New York State Department of Financial Services, the Treasury Department and the Federal Reserve as part of its settlement bargain.

    According to a statement issued by the US Attorney for the Southern District of New York Geoffrey Berman, "Israel's largest bank, Bank Hapoalim, and its Swiss subsidiary have admitted not only failing to prevent but actively assisting U.S. customers to set up secret accounts, to shelter assets and income, and to evade taxes."

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