Argentine Congress Names Firms with Secret Bank Accounts

A commission of the Argentine parliament investigating systematic tax evasion released Tuesday a list of 61 companies that own secret HSBC accounts in Switzerland.

The investigation started when French tax authorities handed to Argentina – as well as to other countries – a list leaked from a former banker in the Swiss branch of HSBC.

Over 4,000 Swiss bank accounts belonging to Argentine businesses have been registered in total.

The named companies in the list are now expected to testify before the commission.

RELATED: Argentina: HSBC Embroiled in Deliberate Fire Coverup​

Argentina's move follows an international crackdown on undeclared funds held in offshore havens, as the 2008 financial crisis strained government budgets and encouraged them to maximize tax revenues.

Switzerland has become the world's biggest offshore financial center thanks to strict banking secrecy laws.

RELATED: HSBC Will Slip Up Again, Top Exec Admits in Private