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Argentina demands HSBC repay $3.5bn in offshore funds Argentina demands HSBC repay $3.5bn in offshore funds
(35 minutes later)
The head of Argentina's tax authority has demanded that HSBC repatriate $3.5bn (£2.3bn) in funds that it says HSBC helped its clients move offshore.The head of Argentina's tax authority has demanded that HSBC repatriate $3.5bn (£2.3bn) in funds that it says HSBC helped its clients move offshore.
Ricardo Echegaray said that HSBC's actions threatened the stability of the Argentine government.Ricardo Echegaray said that HSBC's actions threatened the stability of the Argentine government.
"HSBC built a platform to help clients evade tax," said Mr Echegary in a press briefing at London's Argentine embassy."HSBC built a platform to help clients evade tax," said Mr Echegary in a press briefing at London's Argentine embassy.
He confirmed that British tax authorities had asked for details about Argentina's case against HSBC.He confirmed that British tax authorities had asked for details about Argentina's case against HSBC.
Last November, Argentina accused HSBC of helping more than 4,000 clients evade taxes, but HSBC denied the charges, saying it respected Argentine law.Last November, Argentina accused HSBC of helping more than 4,000 clients evade taxes, but HSBC denied the charges, saying it respected Argentine law.
Mr Echegary's remarks came hours before several current and former HSBC executives are set to answer questions from a panel of MPs about the tax scandal at the bank's Swiss private bank.Mr Echegary's remarks came hours before several current and former HSBC executives are set to answer questions from a panel of MPs about the tax scandal at the bank's Swiss private bank.
Analysis: Business editor, Kamal Ahmed
The demand that HSBC "repatriates" $3.5bn in funds to Argentina - made today by the head of the Argentine equivalent of Her Majesty's Revenue and Customs (HMRC) - shows an approach which sharply contrasts with that of the UK tax authorities.
Ricardo Echegaray says that unless HSBC makes a public statement that it "respects" the payment of taxes it will be accused of engaging in "financial piracy".
He certainly wants a battle through the courts over the allegations that HSBC allowed clients to evade taxes via its Swiss private banking arm in 2006.
Criminal action is high on his list of priorities and he has named the people he thinks are guilty of aiding tax evasion.
Mr Echegaray also reveals that HMRC only contacted the Argentine authorities over the Swiss tax evasion allegations on February 13.
Although not commenting on whether this was suitably "tough", he does point out it was a different approach from that employed by the tax authorities of France, Italy and Spain.
He described each of those as "very active", saying they had "responded quickly".
More from Kamal: HSBC - where does responsibility lie?
HSBC group chief executive Stuart Gulliver and the former head of the bank's private banking division Chris Meares, will face MPs on the Public Accounts Committee (PAC) at 15:15.HSBC group chief executive Stuart Gulliver and the former head of the bank's private banking division Chris Meares, will face MPs on the Public Accounts Committee (PAC) at 15:15.
BBC Trust boss Rona Fairhead will also face questions about her role at HSBC.BBC Trust boss Rona Fairhead will also face questions about her role at HSBC.