December 23, 2014 - Bank Leumi to pay $400M in tax evasion cases
"The Bank Leumi Group recognized that the writing is on the wall for offshore banking, and cooperating with the government's investigation was the only way to proceed," said Deputy Attorney General James Cole.
December 23, 2014 - Israel's Bank Leumi Settles U.S. Tax Charges For $400M, Gives Depositor Names
The bank must hand over the names of more than 1,500 U.S. account holders and must help the U.S. in other investigations.
December 8, 2014 - Israel tax evasion probe at UBS leads to 28 arrests
"During the investigation it was revealed ... that at UBS in Switzerland thousands of accounts held by Israelis are being managed, and it is suspected that the vast majority of money held in the accounts is not reported to the tax authority," it said.
October 13, 2014 -100 Swiss Banks Get Ultimatum: Hand Over Americans Or Face U.S. Prosecution
100 Swiss Banks Get Ultimatum: Hand Over Americans Or Face U.S. Prosecution
August 21, 2014 - US Attorney Prosecutes Man Over $1 Million in Swiss & Israeli Bank Accounts
In approximately March of 2010, however, with the assistance of Swiss Bank Representative-1 and others at the Swiss Bank and an Israeli bank headquartered in Ramat Gan, Israel (the “Israeli Bank”), KRAMER transferred the remaining assets in his undeclared account at the Swiss Bank to a new undeclared account at the Israeli Bank.
August 8, 2014 - Mizrahi Bank Client Sentenced for Filing False Tax Return
A Beverly Hills, California man was sentenced today in the U.S. District Court for the Central District of California to serve six months in prison and one year of home confinement for filing a false federal income tax return for tax year 2007, the Justice Department and Internal Revenue Service (IRS) announced.
August 6, 2014 - For Americans in Israel, the U.S. tax man cometh
July 24, 2014 - YOUR TAXES: What you need to know about the US-Israel FATCA agreement
FATCA will officially take effect in Israel once the Knesset passes enabling legislation, but the Bank of Israel has already instructed Israeli financial institutions to start applying FATCA now.
June 18, 2014 - IRS announces TOUGHER Voluntary Disclosure Program Effective July 1, 2014
If you have an undeclared offshore account at Leumi, Mizrahi, or Hapoalim, you should seriously consider filing a request to participate in the IRS Offshore Voluntary Disclosure Program before tougher rules take effect on July 1, 2014. Call Teig for a consultation NOW at: Office 305-576-4242 (7 am to 5 pm EST) Cell 954-610-3029 (5 pm to 10 pm EST)
May 23, 2014 - Israel's Bank Leumi Q1 profit gain tops estimates
Leumi said on Thursday it earned 625 million Israeli shekels ($179 million), up from 570 million a year earlier.
March 18, 2014 - The Bank of Israel is not waiting for an Israeli-US agreement on the exchange of tax data.
Most, if not all, of Israel banks are ready to implement FATCA and have signed their US customers on the forms. As a consequence, the banks have lost quite a few customers, who decided to withdraw their money and close their accounts. "Globes" has estimated that more than $4 billion have been withdrawn from accounts in Israeli banks.
March 7, 2014 - Questions for the IRS
This is partly a result of extra scrutiny aimed at all Americans living overseas or with bank accounts in foreign countries, and since there’s about 250,000 Americans residing in Israel, it’s fertile ground for this type of IRS campaign.
March 3, 2014 - Israeli banks to be targeted in US tax sweep Read more: Israeli banks to be targeted in US tax sweep
Authorities aren’t waiting for new reporting laws to go into effect to track down Americans who they say owe money
February 26, 2014 - Panel Faults US Gov’t Over Offshore Tax Evasion
Justice has failed to pursue most of the UBS account holders and hasn’t actively pursued Credit Suisse, Levin and Sen. John McCain of Arizona, the panel’s senior Republican, said at the news conference.
February 14, 2014 - Pushing back against ‘the worst law you never hear of’
But unfamiliar as the name is, the effect of the law is already all-too-familiar to Americans living in Israel. Law-abiding Americans facing US reporting requirements of their Israeli financial accounts, or who have been denied banking or financial services due to American citizenship, have already felt its impact.