…He was asked to sign a declaration that the account and all the money in it had been reported to the tax authorities in his home country and he had paid everything that was due on it.
The man refused and then came the next surprise: The bank refused to let him withdraw his money. He explained that he didn’t speak Hebrew and wanted the declaration to be read and translated by a lawyer. He reminded the bankers that he was a client of long standing and had been told when he opened his account that he would not be asked questions like that. It was all to no avail.
Related (from another Brocker):
I remember reading a lawyer wrote that all the g7 wanted fatca type reporting…the u.s took the lead…the rest will follow..the Israel has fatca type arrangements with Europe…probably the igas crush everything related to privacy so it’s easier now.
Here is the fax of Bank Hapolaim, an Israeli bank, requiring Canadians and EU member residents and/or immigrants (or CFCs) from those locations sign away their rights similar to US citizens: Israeli Bank(s) Declaration — shall apply with respect to any existing Account and any future Account, if relevant