HSBC facing further money laundering accusations

19 March 2013

HSBC has once again become embroiled in a money laundering scandal, it has emerged.

Last night (18 March), the Argentine tax authority announced it has filed criminal charges against the major UK-based bank after an investigation allegedly uncovered evidence that the firm used facilitated tax evasion and money laundering in the South American state last year.

According to the government division, the company used "fake receipts" to enable these unscrupulous practices in order to launder funds totalling some 392 million pesos ($77 million).

Head of the tax agency Ricardo Echegaray explained that over the course of a six-month period in 2012, HSBC had committed numerous "fraudulent transactions".

"We hope to recover what is due and see the courts apply an appropriate penalty," he added.

In response to this news, Lyssette Bravo, spokeswoman for HSBC, insisted the bank is "committed to working cooperatively with authorities to ensure a thorough review and appropriate resolution".

By Asim Shah

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