Switzerland’s Bank Julius Baer & Co. Ltd. is paying more than US$79 million for its role in laundering bribes paid to officials with the Fédération Internationale de Football Association (FIFA) and other soccer federations.
The U.S. Department of Justice (DoJ) announced that the Swiss bank admitted that it “conspired to launder over US$36 million in bribes” through the U.S. from sports marketing companies to soccer officials in exchange for broadcast rights.
The bank admitted its conduct and entered into a three-year deferred prosecution agreement after being charged with conspiring to commit money laundering.
As part of the agreement, the bank agreed to pay more than US$79 million in penalties, including a US$43.3 million fine and US$36.4 million in forfeiture, to resolve the allegations.
“Today’s resolution sends a strong message to all banks and other financial institutions that if they knowingly misuse our financial system to hide their clients’ criminal proceeds or to promote a corrupt scheme, they will be held to account,” said acting assistant attorney general, Nicholas McQuaid, in a release.