Swiss Bank Julius Baer Will Pay The US $79.7 Million In Fines In The FIFA Corruption Case
Today, November 9, Swiss Bank Julius Baer announced the signing of an agreement with the US Department of Justice to terminate the investigation related to corruption in the International Football Federation (FIFA). The Bank was accused of facilitating money laundering. According to the bank's statement, it has already set aside $79.7 million to cover penalties related to the agreement.
Julius Baer, Switzerland's third-largest private bank, has been working with the US Justice Department since 2015 as part of a bribery and money-laundering investigation involving various FIFA officials and divisions of the Association. The relevant investigation in Switzerland was completed in 2020. The bank said it had already taken measures to strengthen internal controls and had also terminated relationships with several clients whose names were not disclosed.
The agreement entails Julius Baer entering into a three-year deferred prosecution agreement and a financial component, for which Julius Baer has taken a provision of USD 79.7 million to be charged against its 2020 financial results. Julius Baer anticipates that it will execute a final resolution in this matter with the DOJ shortly. This will mark another step in Julius Baer management’s continued efforts to pursue the closure of remaining regulatory and legal matters in cooperation with the relevant authorities.