Swiss bank to pay almost $80MN fine after admitting to money laundering charges linked to bribery scheme of football officials ...News

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Julius Baer, the third largest bank in Switzerland, has been ordered to pay a fine of more than $40 million and forfeit another $36 million after being found to have laundered money which was paid as bribes to football officials. The financial settlement comes amid an investigation by the US Department of Justice and is part of a deferred prosecution agreement with federal prosecutors after the DOJ said that the bank purposefully laundered cash through the US "to conceal the true nature of the payments and promote the fraud". The scheme saw illegal payments issued by sports marketers to officials from both FIFA and South American gover

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Last updated : 29 May 2021 clock 03:01 PM

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Swiss bank to pay almost $80MN fine after admitting to money laundering charges linked to bribery scheme of football officials ...News

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