Swiss bank Julius Baer to pay nearly $ 80 million in FIFA bribery case

Swiss bank Julius Baer has admitted to laundering more than $ 36 million that officials of the International Football Federation (FIFA) and other football organizations received in bribes from sports marketing companies in exchange for broadcasting rights to football matches.

In total, the bank will pay nearly $ 80 million in penalties, including a forfeiture of $36,4 million and fine of $43,3 million, according to the US Department of Justice.

US authorities unveiled the FIFA probe in April 2015. More than 40 defendants have been charged, and at least 30 have pleaded guilty.

Among those who received bribes were one of the vice presidents of FIFA, members of the South American Football Confederation (CONMEBOL) and members of the FIFA executive committee.

Swiss financial regulator FINMA has also appointed an auditor and imposed fines for Julius Baer’s anti-money laundering shortfalls, ordering the bank to improve its controls.