Bank Leumi Agrees to Pay $400 Million To Settle U.S., New York Offshore Probes

Israel’s Bank Leumi Group has agreed to pay $400 million to settle tax evasion investigations by the U.S. Justice Department and the New York Financial Services Department into the bank’s efforts to help U.S. taxpayers hide income and assets in offshore bank accounts (United States v. Bank Leumi Le-Israel B.M.deferred prosecution agreement).

In a deferred prosecution agreement filed Dec. 22 in the U.S. District Court for the Central District of California, the Israeli bank admitted it had conspired to aid and assist U.S. taxpayers in falsifying tax returns by concealing income and assets in bank accounts in Israel ...