Israeli Bank Agrees to Pay $195 Million Over U.S. Tax-Avoidance Scheme
(LOS ANGELES) — One of Israel’s largest banks has agreed to pay $195 million for helping U.S. citizens avoid paying taxes by stashing their assets in offshore accounts.
The U.S. attorney’s office says Mizrahi-Tefahot Bank Ltd. and two subsidiaries acknowledged guilt Tuesday in a deferred prosecution agreement with the Department of Justice filed in a California court.
The bank has more than 4,000 employees and a Los Angeles branch.
In court documents, Mizrahi-Tefahot ackn...