Argentine Central Bank revokes license of local HSBC president

[forest444]

Last edited Tue Sep 1, 2015, 08:55 PM - Edit history (1)

The Central Bank of Argentina has revoked the license of Gabriel Martino as President of HSBC Argentina, forcing him to step down from his post. The entity headed by Alejandro Vanoli considered Martino responsible for failing to establish necessary control mechanisms to prevent clients from evading taxes and moving capital abroad (see below).

“Mr. Gabriel Diego Martino did not direct the necessary actions to mitigate and address suitably the risk of prevention of money laundering and the financing of terrorism,” the BCRA said today in the resolution, adding the decision followed “the criminal case in which Mr. Martino was implicated by the Federal Administration of Public Income (AFIP).”

“In such cases, crimes such as fiscal illicit association and aggravated tax evasion, as well as the eventual laundering of assets, are investigated,” the resolution said.

At: http://buenosairesherald.com/article/197748/bcra-revokes-license-of-hsbc-president
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HSBC Argentina was revealed by the 2014 SwissLeaks scandal to have facilitated tax evasion on US$3.8 billion by over 4,000 local account holders. One such account, owned by wealth manager Miguel Abadi, accounted for at least US$1.4 billion of this total. http://news.yahoo.com/argentina-seeks-arrest-advisor-tied-tax-scandal-204605884.html

A similar, but much larger, scandal was revealed a year earlier by former JP Morgan Chase executive Hernán Arbizu, who detailed tax evasion worth at least US$8 billion by many of the country's most prominent executives and numerous right-wing politicians - including one (Alfonso Prat-Gay) who was the odds-on favorite as Economy Minister-designate in the event of a Macri victory this October. http://www.buenosairesherald.com/article/175941/swiss-accounts-60b-pesos-in-evasion

[Demeter]

1. Good for Argentina!

It could never happen here...we are too corrupt.

[Judi Lynn]

2. Good grief! The world can't afford Macri. Sure hope he loses.

I don't know the amount of money the vultures have been trying to filch from Argentina, but I'll bet the tax evasions, had they been blocked, could have gone a long way toward settling that underhanded, unethical attempt to extort.