Argentina’s central bank has ordered HSBC to replace its chief executive in the country for failing to prevent tax evasion and money laundering.
In November, Argentina accused the banking giant of helping more than 4,000 clients evade taxes by moving their money to secret Swiss bank accounts. HSBC has consistently denied the charges, saying it respects Argentine law.
On 1 September, the Central Bank of Argentina demanded HSBC Argentina president Gabriel Martino and vice president Miguel Angel Estevez be removed from their posts within 24 hours, saying they “had not directed the necessary measures to mitigate and adequately address the prevention of money laundering and financing of terrorist activities”.
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