In a recent Global Investigations Review article by James Thomas entitled “Lacklustre Early Cooperation Fuelled US Tax Evasion Penalty to Israeli Bank,” Sharon L. McCarthy reacted to the announcement by the US Department of Justice (DOJ) on April 30, 2020 that Bank Hapoalim’s Swiss subsidiary had pleaded guilty to conspiring with US taxpayers to hide over $7.6 billion in more than 5,500 secret Swiss and Israeli
bank accounts between 2002 and 2014. As Sharon noted, “the settlement sends a loud message to financial institutions that are under investigation for helping US taxpayers hide money in offshore accounts.”
Excerpts from the article are below:
Sharon McCarthy at Kostelanetz & Fink in New York said the settlement sends a loud message to financial institutions that are under investigation for helping US taxpayers hide money in offshore accounts.
“When dealing with the DOJ, you have to take it very seriously from the get go and have very robust cooperation from the beginning … or you face the wrath of the DOJ,” she said.
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