Bank Leumi to pay fine to US for suspected tax evasion

Monday 17 November 2014 00:17 CET | News

Financial institution Bank Leumi will pay a fine of about USD 263 million (NIS 1 billion) to US authorities for suspected tax evasion.

According to a US-led investigation, the bank’s American branches made illegal transactions to clients’ accounts while evading taxes, a violation of recent laws that passed in the US to curb the money-laundering phenomenon.

Additional banks in Israel and abroad are also being investigated, analysts reported. Credit Suisse will pay the USD 2.5 billion in fines. Israeli banks Mizrahi-Tefahot and Hapoalim are slated to pay fines as well, as part of a similar investigation.

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Keywords: Bank Leumi, US, tax evasion , illegal transactions, online banking, fraud, money-laundering
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime