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").
May 6, 2015 - Israel Tax Chief: We have another Swiss bank list
“In addition, we are trying to obtain more lists, from more banks. I can now say that we have another list from an additional Swiss bank. We are working on it on an intelligence and investigative level.”
February 9, 2015 - Leaked files implicate over 6,000 Israelis in massive bank scandal Read more: Leaked files implicate over 6,000 Israelis in massive bank scandal
Some $10 billion held in Israeli-linked accounts at Swiss branch of HSBC bank,
December 30, 2014 - In $400M Bank Leumi Tax Evasion Settlement, Who Was Willful?
o resolve U.S. tax charges, Bank Leumi admitted that it helped over 1,500 U.S. account holders evade taxes. Leumi has offices in New York, Florida, Illinois and California. This is the first time an Israeli bank has admitted to such criminal activity.
December 30, 2014 - IRS Hikes Offshore Account Penalty To 50% For Bank Leumi, Sovereign, 10 Others
The IRS updated (12/23/14) its list of so-called bad foreign banks where offshore accounts trigger a 50% (rather than 27.5%) penalty in the Offshore Voluntary Disclosure Program (OVDP).
December 23, 2014 - Offshore Tax Crimes Scorecard: Bankers, Lawyers, Advisers
The U.S. Justice Department has a mixed record of success in prosecuting offshore bankers, lawyers and advisers accused of helping U.S. taxpayers cheat on their taxes.
December 23, 2014 - Bank Leumi Admits to Assisting U.S. Taxpayers in Hiding Assets in Offshore Bank Accounts
“Today’s deferred prosecution announcement against Leumi Bank is yet another historical event in the international tax arena,” said Commissioner John Koskinen of the IRS. “IRS will not tolerate the use of offshore accounts to illegally escape paying taxes and we will continue to focus on this priority area.”