Ex JP Morgan VP claims it advised HSBC on evasion

Former JP Morgan Vice President Hernán Arbizu claimed that HSBC Argentina hired JP Morgan’s employees for “advise on evasion know-how.” He incriminated himself by saying that the company he worked for helped Argentinean economic groups to evade AFIP tax bureau controls.

“The banks in Argentina are to blame for the dollars outside of Argentina,” Arbizu said in an interview with FM Blue radio station when asked about the AFIP tax evasion and capital flight complaint against HSBC.

He condemned HSBC’s refusal to deliver the documents requested by AFIP. The bank argued that they had been destroyed in the Iron Mountain warehouse fire in February 2014.

“It strikes me as odd that the banks do not have back up of their documents,” Arbizu said. “If there is proof of their involvement on the Iron Mountain fire, the banks will suffer severe sanctions.”