HSBC accused by Argentina of tax evasion and money laundering
Argentina’s tax agency formally accused the local unit of British banking giant HSBC Holdings Plc. of conspiracy to hide bank accounts, thereby helping private companies evade tax payments and launder money.
During a press on Monday Argentina’s tax chief Ricardo Echegaray, reported that the London-based Hongkong and Shanghai Banking Corporation (HSBC) has been involved in money laundering operations for a total of 392 million pesos, as well in tax evasion manoeuvres for 224 million pesos, all within a period of six months.
The head of the AFIP tax agency, explained that after performing a series of raids, the agency detected “false invoices used for money laundering“ and ”fraudulent manoeuvres which were performed to evade taxes for tens of millions of pesos.”
”An example is the behaviour of the HSBC Bank that provided deposit-collection services to companies involved in the use of false invoices for nonexistent operations. The deposits were made in an account associated with a generic CUIT number (tax registry number), which was exempt from taxes to bank accounts debits and credits, and whose movements were deliberately hidden”, Echegaray told reporters.
On February first Etchegaray announced that AFIP would file a “fiscal fraud” lawsuit against a very important international bank which was not then identified or did they specify the type of evasion detected.
At that time, Echegaray had limited himself to saying that the AFIP had detected a “situation of fiscal fraud” and that during January a judge ordered an investigation of the banking entity, allowing it to be searched and its records examined.
“We believe that these illegal acts involve not only the bank’s credit and debit tax records but also VAT value-added tax,” said Echegaray.
Federal Judge Javier Lopez Biscayart of the tax crimes court in Buenos Aires has received the agency’s file against the bank, Echegaray said.
“The allegations made by regulators in Argentina are of great concern,” Lyssette Bravo, an HSBC spokeswoman for Latin America, said in an e-mailed response. “We are committed to working cooperatively with authorities to ensure a thorough review and appropriate resolution of the matter.”
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26 comments Feed
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You stopped us (the government) from raiding all these bank account and appropriating (stealing) all of the US dollars.
HSBC.......and EVERY other foreign company should really pack up their things now while they still can and get the hell out, before Cristina tries to claim their assets via lawsuits or nationalization.
But then this could come back to hit her very hard, as HSBC could turn round and say to hell with Argentina and pull out of the country.
Is big bully Argentina bullying you?
Shame on you, Argentina, bullying a poor innocent little English Bank.
Shame, shame on you, Argentina!
CFK's government accusing smaller targets of tax evasion as an excuse to raid them and shut them up when they contradict the official arglies works because they can't fight back. HSBC is the third largest bank in the world and even according to the official statistics has more liquid assets than Argentina.
Maybe CFK has seen the writing on the wall and is trying to ruin Argentina's economic outlook for several future generations aswell as the current one that's she's already trashed.
Distinct aroma of sour-grapes and flailing wailing and lashing out at anything remotley seen to be Brit is pehaps the initial impression.
We shall wait.........
And whilst we wait, we can read about what HSCB has been doing during the last couple of months..
HSCB Mexico's money laundering scandal.....
HSCB Sudan's money laundering scandal.....
HSCB Iran's money laundering scandal.....
HSCB USA's money laundering scandal.....
HSCB LIBOR scandal.....
www.guardian.co.uk/business/2012/dec/10/standard-chartered-settle-iran-sanctions
www.reuters.com/article/2012/07/30/us-hsbc-earnings-idUSBRE86S0T520120730
www.telegraph.co.uk/finance/newsbysector/banksandfinance/9654631/HSBC-to-face-1bn-fines-over-money-laundering.html
www.telegraph.co.uk/finance/newsbysector/banksandfinance/9413204/HSBC-dragged-closer-to-heart-of-Libor-investigation.html
Distinct aroma of sour-grapes and flailing wailing and lashing out at anything remotley seen to be Brit is pehaps the initial impression....NOT
It is much easier to keep the K lies valid if there is nothing to compare them to.
Soon enough Int'l travel will be suspended by requiring an exit visa only the Pols can seem to get. Even people with double nationality may be able to leave but certainly not with anything of value.
She is cutting that country off like N Korea
and if the population doesn't get shaken out of their stupor there is no stopping this train.
Is big bully Argentina bullying you?
Shame on you, Argentina, bullying a poor innocent little English Bank.
Shame, shame on you, Argentina!
www.guardian.co.uk/business/2012/dec/10/standard-chartered-settle-iran-sanctions
www.reuters.com/article/2012/07/30/us-hsbc-earnings-idUSBRE86S0T520120730
www.telegraph.co.uk/finance/newsbysector/banksandfinance/9654631/HSBC-to-face-1bn-fines-over-money-laundering.html
www.telegraph.co.uk/finance/newsbysector/banksandfinance/9413204/HSBC-dragged-closer-to-heart-of-Libor-investigation.html
The last 2 shipment wouldn't offload because they had not been paid. It cost ARG a few 100K to keep them in port.
But I am sure you'll see that on your next gas bill
Stink they'll just refuse to pay same as rgenweener does.
I suppose you'll sign on as dodderyovedover in a few mins
This is the first time I have agreed with everything you posted!
Is this where Maximo is hiding his money ?
Guys, sort yourselves out. Anyone who has been reading the business sections of the newspapers over the last year will have seen that HSBC has been caught doing this in a number of jurisdictions. It would not surprise me at all if HSBC was doing this in Argentina. So, just cos the article mentions AFIP does not mean that HSBC aren't in the wrong. If anything, you guys should be applauding the tax authorities for doing exactly what other tax authorities in more financially advanced countries have already done. Please try and come to these stories with a modicum of intelligence
and we all know what it means when “argentina accuses”, thats right it means squiddly sh*t, it just argentinas way.
SELF-DETERMINATION....take that to the bank.
Perhaps they should very much consider pulling out of Argentina, before CFK nationalises them,
Then perhaps other big banks may well follow,
The hint is there,
Lets hope they take it,
Just a money laundering thought lol.
The problem anyone has with TMBOA and the reporting mess the country is in, is simply the lack of veracity in everything else that the AR government does.
So when they claim something of this nature NOBODY believes them.
When I first got to live in Uruguay I went to HSBC in MVD Missiones, next to the BROU HO. They told me they were no longer taking personal accounts on because of the tax evasion antics they were seeing from AR bank account holders which was more than likely to attract UY government attention. They advised me to go to BROU.
@9 THINK, you twat: it is HSBC, NOT HSCB. Take your Alzheimer’s medication.
And she looked awful
Like an 80 year old,
The plastic mask is slipping,
Just like her mentality.
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