Argentina Investigating HSBC for Economic Offenses

Argentina Federal Tax Agency authorities and legislators flew over to Paris to meet with former HSBC employees as part of their investigations into allegations that international banks committed economic felonies. The HSBC is accused of capital flight, tax evasion, and money laundering. Following the visit, authorities will seek to bring those guilty to justice and prepare new financial regulations to avoid such fraudulent banking practices in the future. 

Laureano Ponce reports from Buenos Aires.

Argentina: HSBC Investigation Extended Due to Allegations of New Crime

The local branch of the HSBC bank is accused of tax evasion and money laundering operations. The Financial Information Unit of Argentina’s anti-money-laundering office accused HSBC of hiding documents that prove its deliberate participation in money-laundering maneuvers for over US$6billion, thereby harming the Argentine economy. The FIU is anxious to avoid more cases of capital flight and tax evasion, which have been taking place in Argentina for years. Its spokesperson says this is not the first time HSBC has engaged in such processes and that it has also been accused of similar offenses in other countries in conjunction with criminal organizations. In Mexico, for example, HSBC was fined US$1.9 billion for laundering approximately US$7billion for the Sinaloa cartel. And the Treasurer at the time is the current manager of the Argentine branch. This kind of conduct speaks volumes about multi-national financial powers who have no problem violating local legislation and sovereignty as long as they can pursue maximum profits. 

Laureano Ponce reports from Buenos Aires for teleSUR.

Argentina Moves Against Speculative, Unauthorized Forex Operations

Argentina is making progress in its fight against speculative and unauthorized foreign exchange operations. The Central Bank has increased its control over such forex transactions, reducing black market operations. In the first three months of 2015, authorities seized US$300,000 in speculative transactions. Speculation in foreign currency is rooted in fears of a devaluation of the Argentine peso. To help deal with this situation, specialists are calling on the government to boost its forex reserves to maintain the exchange rate. 

Laureano Ponce reports from Buenos Aires.