Powered by

Israeli bank to pay $195M for US tax-avoidance scheme

Mar 13, 2019 - Associated Press Financial Wire

LOS ANGELES (AP) - 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 acknowl...