Wealth & Risk Management Blog

William Byrnes (Texas A&M) tax & compliance articles

Is HSBC a Bad Actor or Is Argentina About To Go Out of Business (Again)? 

Posted by William Byrnes on January 14, 2015


See the full analysis at International Financial Law Prof Blog.

The Argentina Government has stopped HSBC Argentina from transferring money abroad, for 30 days.  See the Reuters and the Fox Latino articles linked at International Financial Law Prof Blog.  The Central Bank stated the reason for such a drastic action is HSBC’s lack of ability to correctly document such transfers.  The Argentina revenue authority has also recently raided HSBC’s offices, accusing it of assisting Argentina’s wealthy commit tax evasion through Swiss accounts.

Yet, one cannot help but ponder whether this is an isolated move against a bad actor, authorized by the requisite legislation and pursuant to due process, or whether this is politically motivated for other reasons?  Read this article at International Financial Law Prof Blog

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