Israel’s third-largest bank, Mizrahi-Tefahot, has agreed a non-prosecution deal with the US authorities, under which it will pay USD195 million for helping its clients conceal assets and evade US taxes between 2002 and 2012, much of it through accounts of foreign nominee entities.
The bank must now disclose information regarding US-related accounts. Another Israeli bank, Hapoalim, has set aside USD611 million in preparation for a similar bargain, while Bank Leumi settledand paidto US authoritiesin December 2014.
