Bank Hapoalim Admits To Hiding Assets In Offshore Accounts
Bank Hapoalim Pleads Guilty To Hiding Money Offshore And Agrees to Pay Nearly $875 Million In Fines The United States Attorney in Manhattan announced the guilty plea of Bank Hapoalim (Switzerland) Ltd and Bank Hapoalim BM. The Israeli Bank is accused of hiding more than $7.6 billion for customers in more than 5,500 secret Swiss and Israeli bank accounts. The bank agreed to pay approximately $874.27 million to the federal government and the NYDFS. Manhattan US Attorney Geoffrey S. Berman said: Israel’s largest bank, Bank Hapoalim, and its Swiss subsidiary have admitted not only failing to prevent but actively assisting U.S. customers to set up secret accounts, to shelter assets and income, and to evade taxes. The combined payment approaching $1 billion reflects the magnitude of the tax evasion by the Bank’s U.S. customers. Read more at MFI-Miami