Julius Bär to pay $79.7 million in FIFA corruption settlement
The agreement includes a $43.3 million criminal fine and a $36.4 million forfeiture.
Keystone / Steffen Schmidt
Swiss bank Julius Bär has agreed to pay $79.7 million (CHF71.5 million) in a settlement with the US Department of Justice after being implicated in a sprawling corruption probe surrounding FIFA, world football’s governing body.
This content was published on
2 minutes
Reuters/ts
Julius Bär has entered a three-year deferred prosecution agreement to resolve accusations it engaged in a money-laundering conspiracy.
The agreement includes a $43.3 million criminal fine and a $36.4 million forfeiture. It was accepted by US District Judge Pamela Chen at a hearing in Brooklyn, New York.
Switzerland’s third-largest private bank has said it has cooperated with the Justice Department since 2015.
It has also said it has upgraded its compliance controls and dismissed some clients.
Football corruption
The Justice Department unveiled the FIFA probe in April 2015.
More
More
Corruption at FIFA: 25 criminal cases and a prosecutor in hot water
This content was published on
Switzerland’s attorney general Michael Lauber is facing impeachment proceedings over controversial secret meetings with the FIFA president.
More than 40 defendants, including football and marketing executives, were charged and at least 30 have pleaded guilty.
In June 2017, former Julius Bär banker Jorge Arzuaga pleaded guilty to a conspiracy charge for helping an Argentine sports marketing executive pay bribes to the president of Argentina’s football federation, who was a FIFA vice president. Arzuaga was sentenced in November to probation.
Swiss financial regulator FINMA has also imposed penalties for Julius Bär’s anti-money laundering shortfalls, ordering the bank to improve its controls and appoint an auditor. FINMA also reprimanded two former chief executives.
FINMA lifted a ban on Julius Bär making large acquisitions in March.
More
More
Julius Bär sanctioned after money laundering breaches
This content was published on
Switzerland’s financial watchdog has sanctioned the Julius Bär bank for not complying with money laundering standards.
Swiss climate activists block vehicles near Gotthard tunnel
This content was published on
Around ten climate activists briefly blocked the A2 motorway near the northern entrance of the Gotthard tunnel on Thursday.
Watches belonging to Michael Schumacher up for auction
This content was published on
Schumacher's family is auctioning off eight rare watches from his collection in Geneva. The Christie's auction will take place on Monday.
Joya Marleen and Baschi named best solo acts at Swiss Music Awards
This content was published on
St. Gallen singer Joya Marleen and Baschi from Basel were named artists of the year at the Swiss Music Awards 2024 on Wednesday night.
Swiss authorities announce cost-cutting in asylum sector
This content was published on
The government notably wants to improve integration into the labour force, particularly for people with protection status S.
Various leaders confirm participation at Ukraine peace conference
This content was published on
The presidents of Poland, Finland, and Latvia and the prime ministers of Spain and Belgium will be at the Swiss-hosted talks in mid-June.
This content was published on
In the winter season up to April 2024, railway and cable car operators ferried 3% more visitors compared to the previous winter, and 5% more than the five-year average.
Rhine flooding: Swiss to invest CHF1 billion with Austria
This content was published on
As part of an international agreement with Austria, the Swiss government wants to pump CHF1 billion ($1.1 billion) into flood protection measures along the Rhine over the next three decades.
Swiss government proposes CHF10 million UNRWA donation
This content was published on
After months of debate, Switzerland plans to give CHF10 million ($11 million) to the UN agency this year, rather than the CHF20 million initially foreseen.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
FIFA hands new ban and CHF1 million fine to Valcke and Blatter
This content was published on
FIFA has suspended former bigwigs Sepp Blatter and Jérôme Valcke for almost seven years from the game and fined them CHF1 million ($1.07 million).
Julius Bär reserves $80 million to settle FIFA corruption case
This content was published on
The Swiss bank has reached an agreement with US authorities investigating links to corruption involving world football’s governing body.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.