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

July 5, 2017 - 8 more UBS tax evasion suspects summoned
Letters were sent to businessmen, lawyers, and employees suspected of concealing income varying between hundreds of thousands of shekels to NIS 5 million.

June 27, 2017 - Leumi launches digital bank Pepper
it is a bank that exists only on a mobile phone; it has no branches, nor even a website. With the launching of Pepper, every person (not just Bank Leumi customers) can download the app from app stores on their phone and open an acount.

June 7, 2017 - Israeli Resident Says IRS Didn’t Notify Him Of Bank Summons
The Internal Revenue Service, acting upon a request from Canadian tax authorities under a tax treaty between Canada and the U.S., served PNC bank with a summons in May to obtain detailed account information for Tibor Silber, a former Canadian resident now living in Israel,

March 6, 2017 - U.S. Treasury ‘Informs’ on More Israelis With American Accounts
The Tax Authority announced on Tuesday that it has received information about an additional 30,000 Israelis who have accounts in American financial institutions. The data supplied by the U.S. Treasury relates to accounts that were held in American banks by Israeli nationals in 2014.

February 23, 2017 - Credit Suisse’s Israeli Desk in New Tax Evasion Probe, Report Says
The investigation focuses on the bank’s Israeli desk, which has hundreds of clients. According to the report, an investigation of a dual Israeli-American citizen living in Israel by the U.S. Justice Department in July 2014 disclosed that he had assets in a Credit Suisse account that he had not reported.

January 19, 2017 - Israel Welcomes Tax Info On Israelis in US
The ITA noted that an Israeli resident is entitled to have financial assets abroad, but has to report to the tax authority all of the income generated, including interest, dividends, and capital gains. It is now comparing the records it has now been given against the details it holds

January 18, 2017 - Southern California Residents Plead Guilty to Hiding Millions of Dollars in Secret Foreign Bank Accounts
In August 2008, Azarian, also opened an undeclared account at Israeli Bank A in Israel, and in May 2009, he closed his undeclared account held at Credit Suisse and transferred the funds to Israeli Bank A. Azarian later partially declared this Israeli Bank A account on his individual income tax returns. At the time of its closure, Azarian’s undeclared account at Credit Suisse held assets valued at approximately $1,903,214.

January 18, 2017 - US shares details of 35,000 accounts with Israel under Fatca
“The Government of the United States is committed to further improve transparency and enhance the exchange relationship with Israel by pursuing the adoption of regulations and advocating and supporting relevant legislation to achieve such equivalent levels of reciprocal automatic information exchange.”

October 27, 2016 - US-Israel FATCA agreement enters into force
In September, Israel’s High Court rejected a challenge to laws implementing FATCA in Israel, concluding that the scheme did not invade the privacy of Israelis.

September 28, 2016 - First Israelis indicted from Panama Papers information
The arrest requests claimed that in 2008 the suspects, who are directors and shareholders in several companies in Israel and abroad, used a firm specializing in this field to open several companies in tax shelters (Anguilla, Belize and the British Virgin Islands), in order to conceal their ownership.

September 20, 2016 - FATCA US-Israel tax data exchange begins Sept 30
Israeli owners of US accounts and US citizens in Israel have until September 30 to object to information about them being disclosed to the IRS.

September 20, 2016 - Israeli Court Upholds FATCA Law
"In the modern world the right to privacy is very limited. The alternative to privacy is criminal acts of every kind. This is nothing new, except for the fact that it is regulated now under law and other mechanisms," Justice Meltzer said at the September 12 hearing.

September 13, 2016 - Why is Bank Leumi telling foreigners to close their accounts?
In 2014, Bank Leumi admitted it had conspired to aid and assist a minimum of 1,500 US taxpayers to prepare and present false tax returns to the US Internal Revenue Service by hiding income and assets in offshore bank accounts in Israel and elsewhere around the world.

September 12, 2016 - FATCA Delays Would Cause ‘Severe' Damage, Israel Says
The issue of complying with FATCA is huge in Israel, where as much as 5 percent of the population—some 300,000 to 400,000 people—hold U.S. citizenship. It's big for banks and other financial institutions as well, as they would face sanctions for noncompliance, including a 30 percent withholding tax on U.S.-sourced income payments.

September 6, 2016 - Judge Blocks Israeli FATCA Data Transfer As ‘Unfair’
Judge Hanan Meltzer has stopped the Israeli tax authority and financial institutions from handing information about the finances of around 300,000 US taxpayers living in the country to the IRS in direct contravention of FATCA.

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