Argentina's tax authority has carried out large-scale raids on banks, currency exchanges and other financial entities in Buenos Aires suspected of being involved in money laundering.

The operation was launched after the revenue service discovered alleged inconsistencies in tax returns.

Fabian di Risio is the Argentine tax authorities’ deputy director of operations.

"The maneuver involves the companies, specifically those that make investments through government securities and don't have the funds and so cannot justify where the funds came from and later use the money in stock market activities."

Authorities have searched 71 financial institutions including Banco Mariva, Transcambio and Banco Columbia.

Argentine agents also conducted raids on financial institutions outside the capital.