Argentinian tax authorities have raided HSBC’s premises in central Buenos Aires following allegations that the bank has been laundering money in the South American country.

Argentinian tax authorities have raided HSBC’s premises in central Buenos Aires, Argentina, as part of a criminal investigation into allegations that the bank has been laundering money in the South American country.

The Federal tax office, AFIP, raided three HSBC offices across the city but failed to find the documentary evidence it was searching for. The bank claims the documents were destroyed in a fire back in February.

It is alleged HSBC had undertaken bogus transactions involving illegal assets and was offering products tailored to suit the needs of companies that had been issuing fake invoices, often used to whitewash illicit cash.

According to media reports one of the companies that issued the invoices was Red de Multiservicios SA, as it tried to evade falling under a higher income tax bracket and justify expenses.

"As part of a judicial investigation originated by a denunciation from the AFIP, HSBC Bank Argentina SA has provided the judiciary with the documentation requested, related to customers," HSBC said in a statement.

"The HSBC Group does collaborate and will collaborate with the Justice department and regulators in their duties regarding the enforcement of current legislation in every jurisdiction where the bank operates," it added.

There have been previous cases where the bank has fallen foul of anti-money laundering laws. In 2012 HSBC paid US authorities $1.9 billion (£1.2 billion) in a settlement over money laundering breaches, the largest paid in such a case. A US senate investigation said the UK/Hong Kong-listed bank had been a conduit for "drug kingpins and rogue nations".