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.
Argentina wants HSBC Holdings Plc to repatriate 3.5 billion dollars the bank's Argentine branch moved offshore to help clients evade taxes and move capital abroad, the country's tax chief Ricardo Echegaray said on Monday during a hearing which took place at the House of Commons in London, where top executives of HSBC were present.
Argentina said on Monday it was suspending HSBC Bank Argentina's right to transfer money abroad for 30 days due to irregularities, two months after charging it with helping clients evade taxes by siphoning their funds off to Switzerland.
Authorities on Wednesday conducted a court-ordered search of the Argentine headquarters of London-based bank HSBC, which faces allegations of aiding tax evasion, it was reported in Buenos Aires.
Talks between a group of global banks and at least one major hedge fund about buying a portion of the fund's exposure to Argentine debt have collapsed, a person familiar with the matter told sources in Buenos Aires, amid concerns that the Argentine government has dug in to its refusal to pay certain creditors what they are owed and may not relent for months to come.
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.
Argentina slapped a 30 million Peso (6 million dollars) fine on a local subsidiary of global banking giant HSBC for failing to report suspicious transactions, authorities here said Sunday.