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Israeli Banks to Cooperate with US Prosecutors on Tax Evasion Charges Againt US Citizens

International tax experts in Washington say they expect Israeli banks to hand over the names of US citizens or residents suspected of tax evasion. Such action would bring to an end an era of tolerance towards such activities. Tax attorneys say they now have many clients who previously shifted their assets from Swiss banks into Israeli ones, in an effort to avoid the intense scrutiny surrounding the activities of Switzerland's largest bank UBS and other Swiss institutions. Tax experts say the net is now closing in around several Israeli banks. Recently US prosecutors indicted three tax preparers accused of assisting tax evasion and utilizing two Israeli banks.
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