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.

Around 100 tax agents said to have conducted the search, which was ordered by Judge María Verónica Straccia.

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HSBC, in a press statement, said it handed over "the documents that were available to judicial authorities, and additional request are being processed.

"We are committed to Argentina, one of our priority markets, and we will continue to contribute to the country’s economic development," the statement read.

The head of the AFIP tax agency Ricardo Echegaray estimates that over $3bn in tax taxes have been evaded due to the financial manoeuvres.

Argentina’s tax agency charged HSBC for allegedly helping roughly 4,000 nationals evade taxes, placing their money in secret Swiss bank accounts in November 2014.

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