Argentina’s tax agency has asked HSBC’s Argentine branch to repatriate $3.5bn in funds it helped its clients move offshore to dodge taxes.

Chief tax collector Ricardo Echegaray said the bank has assisted more than 4,000 Argentines dodge taxes by hiding their money in secret Swiss bank accounts.

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Echegary said that the bank has created a platform to help clients evade tax. He added that HSBC’s actions threatened the stability of the Argentine government.

HSBC said it was co-operating fully with Argentine regulators including AFIP (the tax agency) and the Argentine judiciary in their probe.

Additionally, British tax authorities had asked Argentina for information about investigation against HSBC.

Earlier this year, the Central Bank of Argentina has banned HSBC Bank Argentina from conducting foreign currency and bond transfers abroad for 30 days.

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Also, Argentine tax agency AFIP has raided HSBC’s Buenos Aires offices as part of an investigation into its role in aiding over 4,000 locals dodge taxes by hiding their money in secret Swiss bank accounts.