SWITZERLAND’S third largest private bank Julius Baer is set to pay out $80 million (€67.5 million) in the FIFA corruption case.
Julius Baer has made an agreement with the US Department of Justice (DoJ) to settle allegations over its role in corruption surrounding global footballing body FIFA, the bank said on Monday, November 9.
The bank reports that it has been cooperating with the DoJ since 2015 in the agency’s investigation of alleged money laundering and corruption involving officials and affiliates of FIFA and associated sports media and marketing companies.
The FIFA corruption case is a holdover from the era of former Julius Baer Chief Executive Boris Collardi, who is now at Geneva private bank and asset manager Pictet.
Switzerland’s financial supervisor FINMA heavily criticised Julius Baer earlier this year for ignoring money laundering risks of FIFA-linked payments, which saw an ex-banker convicted in 2017 by the US District Court for arranging payments from a sports marketing executive to the Argentine football association’s president.
Thank you for taking the time to read this news article “Julius Baer in FIFA corruption case pay out”. For more UK daily news, Spanish daily news and Global news stories, visit the Euro Weekly News home page.
Euro Weekly News is delighted to continue be able to bring you a range of News from around Spain in English and Global News live as it happens.
Euro Weekly News doesn’t cost you anything but your internet connection. Whether it’s bringing you the local Spanish news or the International news today, we’ve got you covered!
Euro Weekly News, the leading free local and national newspaper in Spain, the people’s paper, we lead others follow!