Category: Bank Leumi

CANADA, ISRAEL SIGN AGREEMENT ON DOUBLE TAXATION

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...

Global tax enforcement puts Cayman in the crosshairs

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...

United States: Global Tax Enforcement in 2016: What You Need To Know

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...

Leumi to Reclaim Bonuses From Executives After U.S. Tax Fine

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,...

U.S. Chases Swiss Bank Secrets to Singapore and Israel

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...

Is FATCA chasing a leprechaun and his pot of gold?

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...

Tax return preparers sentenced for hiding offshore account

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...

Swiss Private Bank BSI SA Admits Aiding U.S. Tax Cheats, Will Pay $211 Million

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...

Israel regulator seeks bank provisions to cover possible tax settlements-Army radio

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...

IRS Targets Banks In FATCA Crackdown

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...

The era of offshore bank secrecy is dead

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...

Attorney general to examine Bank Leumi tax evasion scandal

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...

Attorney General to probe Leumi US tax evasion

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...

Bank Leumi to Pay $400 Million in U.S., N.Y. Tax Probes

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...

Father-Son Tax Preparers Convicted in Israeli Bank Tax Case

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...

Leumi May Reach Agreement With U.S. Over Tax Evasion by January

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...

Bank Leumi May Face Over $300M to Settle Tax Evasion Case

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...

Swiss banks at crossroads as secrecy goes up in smoke

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...