The complaint was made by the head of the Federal Agency of Public Revenue ( AFIP ), Ricardo Echegaray , who explained in a press conference that the bank since February “came deploying a platform defraud (sic) that represented a conspiracy, by the use of false invoices that allowed different companies to launder money. ”
“It’s a ploy to hide bank account information from the Treasury,” he said Echegaray.
“Allegations Argentina regulators are a major concern, and we are committed to cooperate with the authorities to ensure a thorough review and appropriate resolution of the matter,” said HSBC in a statement sent to the AP by email.
Three companies identified by Echegaray as More Distribuidora SA, South Revenue Services SRL and SA Multiservice Network “evaded taxes and laundered money through the purchase of false invoices, which then derived in issuing checks whose amounts were deposited in a cuit generic ever the HSBC informed the AFIP “.
For these “ghost operations” were deposited checks totaling 392 million pesos ($ 76 million), representing an evasion of 224 million pesos (44 million dollars), according to the head of AFIP.
HSBC is one of the ten largest banks operating in the South American nation.
The AFIP filed a criminal complaint against the bank in a court of criminal jurisdiction and tax.
“They have to pay what they owe and dismantle this gang of cheaters, involving both private and public to the purchase of false invoices,” said Echegaray.
The note sent from Mexico by the regional office of HSBC , said its subsidiary in Argentina “complies with the law no matter where they operate and strongly supports the efforts of governments and regulators to detect illegal activities and take appropriate action” .
- Argentina: HSBC Helped Launder Money, Evade Taxes (world.time.com)
- Argentina: HSBC helped launder money, evade taxes (cnsnews.com)