Argentina orders HSBC to replace local boss

Argentina’s central bank has ordered HSBC to replace its chief executive in the country within 24 hours and accused the bank of failing to prevent tax evasion and money laundering.

In November Argentine authorities charged HSBC with helping more than 4,000 clients evade taxes.

The bank was accused of helping clients hide money in Swiss bank accounts.

HSBC rejected the charge and said in a statement that it complied with Argentina’s laws.

The central bank said that HSBC Argentina’s president and chief executive, Gabriel Martino, “had not directed the necessary measures to mitigate and adequately address the prevention of money laundering and the financing of terrorist activities.”

HSBC responded by saying: “HSBC Argentina continues to operate normally in the country.

“HSBC Argentina complies with the laws and regulations that govern its activity in the country and will continue cooperating with the Justice and regulators in Argentina.”