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Leumi, Mizrahi, Hapoalim News - Call for Consult 305-576-4242

September 2, 2016 - Court Bars Preparations to Share Tax Data with U.S.
A day before it was due to go into operation, Meltzer told the state to suspend work in the mechanism it had developed for sharing information on the accounts of U.S. citizens with banks or other financial accounts in Israel.

August 10, 2016 - Leumi employee hid account data in necklace
Bank Leumi said in response, "As the article says, this is an old affair currently handled by the California court. In December 2014, Leumi became the first and only Israeli bank to sign an agreement with US law enforcement authorities regarding activity with clients who are US taxpayers, which had put this affair behind.

August 2, 2016 - Israeli Bank Secrets Smuggled in Necklace to Help U.S. Tax Cheat
In 2007, Sarshar opened three accounts at Bank Leumi that he hid by placing them in the names of entities he created. Sarshar believed his new relationship manager “knew of his desire to keep his Bank Leumi accounts secret,” and she “acted accordingly,” according to his plea agreement.

August 2, 2016 - California Businessman Charged with Conspiring with Israeli Banks to Hide Income
“Mr. Sarshar stashed millions in secret foreign financial accounts in Israel and then sought to use these accounts to evade his U.S. tax obligations, seeking to cover his tracks along the way,” said Principal Deputy Assistant Attorney General Ciraolo. “The message of this case is clear: There are no safe havens. If you are concealing assets and income in undeclared offshore accounts – or are a banker, an asset manager or otherwise are assisting accountholders in such criminal conduct, your only viable option is to come forward and accept responsibility for your actions. Those who continue to violate U.S. tax laws will be held accountable and pay a heavy price.”

July 13, 2016 - Finance C'ttee approves FATCA compliance bill
The Knesset bill requires financial entities to disclose information about US citizens in Israel to the IRS.

July 12, 2016 - Knesset Panel Backs Law for Israel to Share Data With U.S. Tax Agency
Under the terms of the law, Israeli banks and financial institutions will have to provide information on accounts, including those held by American citizens and Green Card holders, to the Israel Tax Authority, which in turn will transfer it to the U.S. Internal Revenue Service.

July 12, 2016 - Knesset Finance Committee approves submission to U.S. IRS Tax Compliance Act (FATCA)
Finance Committee Chairman MK Moshe Gafni (United Torah Judaism) was able, after lengthy negotiations with the Israeli Finance Ministry, to increase the protection of Israeli citizens whose information will be handed over to the US, and reduce in half (from about $27 thousand to about $13 thousand) the sanctions against financial institutions that fail to comply with new law for technical reasons.

June 24, 2016 - Credit Suisse (CS) Under Justice Dept. Probe
Legal hassles continue for Credit Suisse Group AG CS as the Swiss banking giant is under Justice Department scrutiny for its operations in Israel.

June 23, 2016 - Credit Suisse faced with US probe for helping Israeli clients evade taxes
The investigation of the Israel accounts could lead to new charges in the US against Credit Suisse and its bankers. A new Justice Department case could also result in harsh regulatory scrutiny.

June 6, 2016 - How Tax Laws Can Help in the Fight Against Terrorism
Click on the player below to listen. For show notes and contact details of the guest, go to www.GoldsteinOnGelt.com

April 21, 2016 - Israel's Leumi Sets $50,000 Minimum on Foreigners' Bank Accounts
Foreigners with accounts at Israel’s Bank Leumi have received letters telling them they must keep at least $50,000 in the bank

March 2, 2016 - YOUR TAXES: Do you need an amnesty?
The US is starting to implement the Foreign Account Tax Compliance Act (FATCA). It is an American law, but it is backed up by intergovernmental agreements between the US and many other countries, including Israel. To complement FATCA, the OECD is instituting a common reporting system (CRS) connecting up most other countries in the world, including Israel.

October 9, 2015 - U.S. Chases Swiss Bank Secrets to Singapore and Israel
“The money is moving out of Switzerland to a variety of jurisdictions,” said Ciraolo, an acting assistant attorney general. “We’re following leads and following the money, wherever that leads us.”

August 12, 2015 - Israeli judge with suspected Swiss account resigns
The case against Judge Moshe Gilad has been closed, but his wife is set to be tried.

July 13, 2015 - The derivative effect in Israel of Bank Leumi's tax settlement with US Authorities for $400 million
It is claimed that the Bank is entitled to pecuniary damages in an amount exceeding hundreds of millions of Israeli shekels as a result of the said office holders and auditors involvement in assisting US account holders to evade taxes ("the Proceedings").

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