Argentine Agency Raids HSBC Offices As Part Of Tax Evasion, Money Laundering Probe

Argentina’s tax agency raided HSBC Bank Argentina S.A.'s headquarters in Buenos Aires and two branches in the city’s outskirts as part of a probe into a 616 million peso ($74 million) tax evasion and money laundering probe, an agency official said.

The bank, a unit of Britain’s HSBC Holdings plc, allegedly offered “custom made products” to a firm that was utilizing fake invoicing and other illegal tactics to dodge taxes and launder funds, the Federal Administration of Public Revenues (AFIP) official told Bloomberg BNA Aug. 14, a day after the raid. The official asked not to be named, noting that ...