(FinancialHealth.net) – It’s common knowledge the United States sends billions of dollars in aid to Israel every year. It’s not often the transaction goes the other way. However, that’s exactly what’s happening. The largest bank in the country is paying America hundreds of millions of dollars.
The Department of Justice recently announced Bank Hapoalim will pay the United States $874 million for tax evasion. The bank pleaded guilty to the charge after helping US taxpayers squirrel away $7.6 billion in over 5,500 Israeli and Swiss accounts.
Israel’s largest bank, Bank Hapoalim, and Swiss
subsidiary admit to conspiring with U.S. taxpayers to hide assets and income in
offshore accounts and agree to pay nearly $875 million https://t.co/fq4LKSQ6hg
— US Attorney SDNY (@SDNYnews) April 30, 2020
The case is the second largest offshore tax evasion settlement in history. Bank Hapoalim will pay the Federal Reserve, NY State Department of Financial Services and US Treasury. In return, the government isn’t going to prosecute the financial institution for three years.
In addition to this settlement, the bank agreed to another settlement in a different case. Hapoalim is going to pay the US $30 million for the FIFA, soccer’s governing body, money laundering scheme.
It looks like Israeli’s largest bank is neck deep in criminal activity. Fortunately, President Donald Trump’s Justice Department isn’t letting Bank Hapoalim get away with it.
~Here’s to Your Financial Health!
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