Wednesday, November 3, 2010
Another Foreign Bank -- in Israel -- Gets In Line
Bank Leumi, Israel's largest bank, "is asking its clients to declare that they are not U.S. persons or reveal their accounts to U.S. authorities." See Reuters report here and Tax Justice Network blog here. The report says taht other foreign banks are sending similar letters. Scott Michel, a prominent U.S. practitioner in this area, is quoted as saying: "Most [offshore] banks will have to do this sort of thing."