Israel’s largest bank agrees to $874mn fine for conspiring to help US citizens hide $7.6 BILLION in assets overseas
Bank Hapoalim BM, as well as its Swiss subsidiary, agreed to pay the damages after submitting a guilty plea over allegations that it concealed some $7.6 billion in over 5,500 secret Swiss and Israeli bank accounts, the Department of Justice announced on Thursday. The $874 million sum is the second-largest recovered by the Treasury in an offshore tax evasion case since 2008, the DOJ added.
“Today, Bank Hapoalim is being held accountable for its conduct – it has admitted to its crimes and will surrender all fees it earned, repay the United States for lost tax revenue, and pay a substantial fine,” said Principal Deputy Assistant Attorney General Richard E. Zuckerman.