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Pin to quick picksHSBC Holdings Share News (HSBA)

Share Price Information for HSBC Holdings (HSBA)

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Share Price: 683.90
Bid: 686.40
Ask: 686.60
Change: -5.40 (-0.78%)
Spread: 0.20 (0.029%)
Open: 696.80
High: 697.90
Low: 683.90
Prev. Close: 689.30
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Argentina says UK asks for cooperation in HSBC tax probe

Wed, 11th Feb 2015 14:13

By Hugh Bronstein

BUENOS AIRES, Feb 11 (Reuters) - Britain has asked Argentinafor information about the South American country's investigationinto HSBC Holdings Plc, Buenos Aires said on Wednesday,part of a widening probe into allegations that the bank helpedclients dodge taxes.

Early this week a panel of British lawmakers said theyplanned to open an inquiry into the British bank after mediareports that it helped wealthy customers conceal assets.

In November Argentina charged HSBC with helping more than4,000 clients evade taxes by stashing their money in secretSwiss bank accounts. HSBC Argentina rejected the charge, sayingit respected Argentine law.

"The British tax authority (HMRC) would like informationabout the details of the charges against the bank in Argentina,and information about the status of the case," a statement fromArgentina's AFIP tax authority said.

HMRC declined immediate comment on Wednesday.

After a leak of its Swiss bank's customer list, HSBC said onSunday that its Swiss arm had not been fully integrated afterits purchase in 1999, allowing significantly lower standards ofcompliance and due diligence to persist.

British lawmakers have criticized HMRC for not doing more,sooner, to investigate HSBC and to prosecute those who used thebank to evade tax.

The bank also faces investigation by U.S. authorities whohave stepped up efforts to establish whether the world'ssecond-largest bank helped Americans evade taxes.

In 2012, HSBC paid a record $1.9 billion fine after U.S.authorities said it had become the preferred financialinstitution for drug traffickers and money launderers between2006 and 2010.

(Additional reporting by Tom Bergin in London and ElianaRaszewski in Buenos Aires; Editing by Meredith Mazzilli)

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