Mizrahi Tefahot Financial institution to pay $195 million over U.S. tax evasion prices

WASHINGTON (Reuters) – Mizrahi Tefahot Bank Ltd agreed to pay $195 million for a deferred prosecution agreement after the Israeli bank admitted it had defrauded the United States, the U.S. Justice Department said on Tuesday.

The bank engaged in schemes to hide clients’ funds so they could avoid paying income taxes between 2002 and 2012, the Justice Department said.