Bank Hapoalim is set to pay US government agencies $870m (NIS 3.11bn) to settle the two international investigations in which it has been involved. The bank, Israel's biggest lender, was accused of helping US clients evade taxes. The investigation was carried out by the US Department of Justice, the New York Department of Financial Services and other US authorities. Bank Hapoalim said it agreed to a deferred prosecution agreement. The bank said in a regulatory filing it will increase its provision for the tax probe in the fourth quarter to $259m, in addition to $611m it had already s...
To continue reading this article...
Join International Investment
Join International Investment today
Unlock members-only benefits:
- Unlimited access to real-time news, industry insights, video features and market intelligence
- Stay ahead of the curve with spotlights on international financial centres, regional trends international advice and global industry leaders
- Receive breaking news stories straight to your inbox in the daily newsletters
- Hear the latest cross jurisdictional developments in wealth planning, tax, regulation, investing, retirement and protection
- Members-only access to the Editor’s weekly news roundup newsletter
- Members-only access to analysis via our exclusive industry polls
- Be the first to hear about our events and awards programmes