By Matthew Roscoe • Published: 09 Nov 2020 • 12:48
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.
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Originally from the UK, Matthew is based on the Costa Blanca and is a web reporter for The Euro Weekly News covering international and Spanish national news. Got a news story you want to share? Then get in touch at editorial@euroweeklynews.com.
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