The New York state’s financial regulator is reportedly seeking penalty of more than $300m from Israel’s Bank Leumi to settle an investigation into whether it helped wealthy Americans evade taxes.
The bank has been negotiating a deal with US authorities for months to settle an investigation, reported Bloomberg.
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The regulator said that the bank used sham loan arrangements to allow clients to avoid taxes and have access to the funds.
According to the publication, Benjamin Lawsky, head of the state’s Department of Financial Services, is seeking more than what the bank set aside to resolve a criminal investigation by the US Justice Department.
Recently, lawyers representing 73 Swiss banks were seeking to avoid a tax-evasion probe by the US have asked the US Department of Justice to revise about a dozen demands set out in the proposed non-prosecution agreement with the US government.
In June this year, Bank Leumi was close to a deal with US Justice Department to pay nearly ILS1bn ($289m) to settle a prove over tax evasion.
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