Julius Baer braced to make DoJ payment to settle Fifagate case
Julius Baer, the Swiss private bank, said today it is in “advanced discussions” with the US Department of Justice over a multi-million-dollar settlement related to its role in the Fifa-gate corruption affair.
The bank was implicated for its involvement in facilitating money laundering and corruption by officials with links to Fifa, in a scandal which erupted in 2015.
Earlier this year, Baer was reprimanded by FINMA, Switzerland’s financial supervisor, for ignoring the money laundering risks of Fifa-related payments.
In 2017, a former employee of the company was convicted in a US District Court of conspiracy charges regarding bribery payments made by a sports marketing executive to Julio Grondona, the president of the Argentine Football Association until his death in 2014.
In a statement today, Julius Baer said it “has been cooperating since 2015 with the U.S. Department of Justice in its investigation of alleged money laundering and corruption involving officials and affiliates of Fifa and associated sports media and marketing companies.
“The bank is currently in advanced discussions with the DOJ about reaching a resolution in such matter, which may result in the payment of a double-digit million U.S. dollar amount.”
Since the scandal broke, a long list of former soccer officials and entities, mostly based in the Americas, have been indicted and convicted over bribes and kickbacks alleged to have been paid for media and marketing rights to top competitions in the region.