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.
