Download Argentina raids 71 banks and financial entities suspected of money

News from Argentina
13 November 2014
Thai Trade Center, Buenos Aires
By Rut Poza Vicente
Argentina raids 71 banks and financial entities suspected of money laundering
Argentina's AFIP tax revenue service on Tuesday carried out searches at 71 banks, currency exchanges
and other financial entities suspected of money laundering, the government said. More than 250 agents
took part in the operation, which involved institutions in this capital and in the provinces of Buenos Aires,
Mendoza and Cordoba, AFIP said in a statement.
The probe was launched after routine AFIP monitoring and cross-checks detected inconsistencies in the
tax returns of four companies engaged in stock transactions, the agency said. Investigators suspect those
firms were operating as fronts for other individuals or entities seeking to hide income, according to the
AFIP statement.
Among the institutions targeted in Tuesday's operation were Banco Mariva, Transcambio, Banco
Columbia, Banco VOII and Caja de Valores. The warrants were issued by a federal judge in the Buenos
Aires suburb of Quilmes.
The AFIP provided the names of the suspect entities to Argentina's Central Bank, stock market regulators
and financial crimes unit. The alleged operations are estimated to involve around 120 million pesos in
capital, according to the revenue agency.
On Monday following another cross checking of information AFIP also banned importing companies
from operating, suspected of fraudulent activity because their contracts with foreign providers were
incompatible with tax filings, according to the tax bureau's accusations.
Meanwhile the 'blue' or informal market US dollar increased 50 cents to 13.15 Argentine Pesos, the first
climb in ten days following a negative rally that took off on 27 October when stricter controls on foreign
money exchange were imposed.
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Since that date the Argentine Peso US dollar had recovered almost 14% against the US dollar. On 24
September the greenback was traded at an all time record of 15.95 Pesos.
Source: Mercopress
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