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March 12, 2019

Posted  March 12, 2019

Israeli-based Mizrahi-Tefahot Bank Ltd., together with its subsidiaries, United Mizrahi Bank (Switzerland) Ltd. and Mizrahi Tefahot Trust Company Ltd., entered into a deferred prosecution agreement resolving claims that the bank engaged in conduct to conceal client funds for the purpose of evading U.S. income taxes.  Among other actions, the bank enabled U.S. customer-taxpayers to maintain accounts using pseudonyms, code names, and foreign nominee entities, accepted non-U.S. forms of identification from known U.S. customers, and held mail for U.S. customers offshore.  In addition, the bank violated its Qualified Intermediary Agreement with the IRS.  The agreement requires the bank to pay $195 million, cooperate in ongoing investigations, and implement specific compliance and monitoring procedures.  DOJ

Tagged in: Abusive Tax Shelters, Tax Fraud,

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