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Montevideo, November 17th 2018 - 17:56 UTC

Argentina revokes license of HSBC president for not preventing tax evasion

Wednesday, September 2nd 2015 - 06:39 UTC
Full article 15 comments
“Mr. Gabriel Diego Martino did not direct the necessary actions to mitigate and address suitably the risk of prevention of money laundering and financing of terrorism “Mr. Gabriel Diego Martino did not direct the necessary actions to mitigate and address suitably the risk of prevention of money laundering and financing of terrorism

Argentina's Central Bank (BCRA) has revoked the license of Gabriel Martino as president of the HSBC, forcing him to step down from his post. The entity commanded by Alejandro Vanoli considered Martino responsible for failing to establish “necessary” control mechanisms to prevent clients from evading taxes and moving capital abroad.

 “Mr. Gabriel Diego Martino did not direct the necessary actions to mitigate and address suitably the risk of prevention of money laundering and the financing of terrorism,” the BCRA said today in the 259 resolution, adding the decision followed as well “the criminal case in which Mr. Martino is involved, sponsored by the Federal Administration of Public Income” (AFIP).

“In such case, crimes such as fiscal illicit association and aggravated tax evasion, likewise the eventual laundering of assets, are investigated,” it said.

The BCRA board urged the bank’s Argentine branch to inform the current operational scheme within the next 24 hours, highlighting the decision on Martino did not affect the normal functioning of the financial entity.

Categories: Economy, Argentina.

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  • ChrisR

    Well they said they would and now the corrupt argie bastards have shot themselves in both feet and both hands: a neat trick.

    What message does it say to the world (as if they needed the warning): “piss off, we do what we want with money in the country whether it's ours or yours”.

    I imagine LUNATIC is hopping around with all those nails in the argie coffin of state.

    Sep 02nd, 2015 - 12:53 pm 0
  • Conqueror

    I have trouble understanding this. In order to institute “appropriate controls” you would need to know HOW crimes, if any, were being committed. Surely Kirchner crimes would be exempt. But then Kirchner crimes would have had to be described. Only Kirchner could do that. What does Martino know?

    Sep 02nd, 2015 - 01:13 pm 0
  • chronic

    Any thing bad that happens to HSBC is well earned.

    I'm afraid this however may be a blessing in disguise as it could hasten their exit from a flawed market.

    Sep 02nd, 2015 - 04:16 pm 0
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