BUENOS AIRES, Argentina — Argentina’s government on Monday accused the British banking giant HSBC of facilitating money laundering and tax evasion.
Tax chief Ricardo Echegaray said HSBC’s Argentina subsidiary created an illegal scheme enabling its clients to hide more than $100 million. He said the scheme included a criminal organization and fake receipts used to launder money for various companies.
HSBC’s Latin America spokeswoman, Lyssette Bravo, issued a statement that did not deny the accusations and promised to cooperate.
“HSBC takes compliance with the law, wherever it operates, very seriously and strongly supports the efforts of governments and regulators to detect unlawful activity and take appropriate action,” the statement said.
Echegaray said that since February, the bank “had been rolling out a fraud-enabling platform” that he called “a maneuver to hide bank account information from tax collectors.”
He named three companies: Mas Distribuidora SA, Recaudaciones y Servicios del Sur SRL and Red de Multiservicios SA.