Sanford Millar (JD Supra Israel)

According to published reports Benk Leumi, Israel’s largest bank is requiring depositors to affirm that they are not U.S. clients or disclose the existence of the accounts to the IRS. FATCA, the Foreign Account Tax Compliance Act virtually eliminated bank secrecy for U.S. persons goes into effect in January 2013. However, as the actions of Bank Leumi demonstrate, foreign banks with a presence in...