By Daniel Hunter

Tax authorities in Argentina have raided more than 70 financial organisations as a result of an investigation into money laundering.

Banks and currency exchange stores, mainly in the capital Buenos Aires, were among those targeted by officials.

The government believes the organisations have been avoiding tax and facilitating capital flights.

The Argentinian economy and financial state is in dire straits. The government has been trying to control foreign currency to stem the flow of its falling cash reserves, inflation is incredibly high at 40% and it defaulted on its debt for the second time in July.

Earlier this month, authorities suspended trading at Procter and Gamble after accusations of tax fraud.

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