Football Club
Caproasia.com | The leading source of data, research, information & resource for investment managers, professional investors, UHNW & HNW investors, and advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets? Caproasia - Learn more

This site is for accredited investors, professional investors, investment managers and financial professionals only. You should have assets around $3 million to $300 million or managing $20 million to $3 billion.







Swiss Private Bank Julius Baer to Pay $79.7 Million Fine for Laundering $36 Million of FIFA Football Bribes

31st May 2021 | Hong Kong

Swiss Private Bank Julius Baer will be paying $79.7 million in fine for conspiring to launder more than $36 million in bribes through the United States to soccer officials at FIFA and other soccer federations federal court sports, where marketing companies had bribed soccer officials in exchange for broadcasting rights to soccer matches.  On 27th May 2021, Julius Baer admitted to the charges in United States federal court, entering into a 3-year deferred prosecution agreement with the government and to pay $79.68 million in penalties, a fine of $43.32 million and forfeiting $36.36 million.  (FIFA ~ Fédération Internationale de Football Association)

In November 2020, former Julius Baer’s private banker Jorge Luis Arzuaga who had worked at the offices in Montevideo, Uruguay, Zurich and Switzerland offices, was sentenced to 3 years probation after pleading guilty in June 2017 for his role in the FIFA conspiracy to launder more than $36 million in bribes.


Ads & Announcements



Swiss Private Bank Julius Baer to Pay $79.7 Million Fine for Laundering $36 Million of FIFA Football Bribes

 

[According to BJB’s admissions, the Bank knew that Arzuaga’s clients’ accounts were associated with international soccer, which was generally understood to involve high corruption risks.  Nevertheless, a BJB executive directed the opening of these accounts be fast-tracked in the hope that these clients would provide lucrative business.]

 

Julius Baer Settles United States DOJ’s FIFA Investigation

Football Club

In November 2020, Julius Baer had reached an in-principle agreement of $79.7 million settlement with the U.S. Department of Justice (DOJ), to resolve investigation of the bank’s role in corruption events with world soccer federation – FIFA.

Since 2015, Julius Baer had been cooperating with the U.S. Department of Justice (DOJ) in its investigation of alleged money laundering and corruption involving officials and affiliates of FIFA and associated sports media & marketing companies.

The related regulatory proceeding in Switzerland was closed in February 2020.

 

Julius Baer Strengthens Risk Management, Takes $79.7 Million Provision

Julius Baer

Julius Baer through a comprehensive programme initiated in 2016, have taken steps to prevent future occurrences.

The Swiss bank had re-documented each one of the Bank’s client relationships and discontinued certain individual relationships and operations.  Julius Baer had also renewed and strengthened the entire risk organisation, and introduced an enhanced Code of Ethics and Business Conduct.

With the settlement, Julius Baer has entered into a 3-year deferred prosecution agreement and a financial component of which Julius Baer has already taken a charge of $79.7 million on the 2020 financial results.

 

Julius Baer Press Release:

“Julius Baer today announced that it has finalised the agreement reached with the U.S. Department of Justice (DOJ) in November 2020, as reported, to settle the FIFA-related investigation in the U.S. Specifically, Julius Baer has entered into a three-year Deferred Prosecution Agreement, pursuant to which it will pay the previously communicated amount of USD 79.7 million, which has already been charged against the 2020 financial results.

Julius Baer welcomes the final resolution of this legacy matter. This marks another step in Julius Baer’s continued efforts to pursue the closure of remaining regulatory and legal matters in cooperation with the relevant authorities.”

 

Acting U.S. Attorney Lesko:

“ BJB (Bank Julius Baer) and its employees facilitated bribes and its compliance department turned a blind eye to glaring red flags of money laundering.  This Office will hold accountable those corporations or individuals that use the American banking system for corrupt ends. As today’s resolution makes clear, financial institutions that become complicit in their clients’ efforts to launder illicit funds face significant penalties.”

 

Acting Assistant Attorney General McQuaid:

“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.  From the time of the first FIFA-related indictment, the Department has promised to hold accountable the financial institutions involved in this global criminal scheme. We are delivering on that promise.”

 

FBI Assistant Director-in-Charge William F. Sweeney:

“Bank Julius Baer pursued the profit it could make laundering corrupt funds derived from a criminal scheme run by powerful FIFA officials.  Their behavior has earned them the equivalent of a red card, and the money the bank now owes the U.S. government is more than double what it admits to laundering. The FBI operates globally with our international partners, and our message to those who may be looking to profit from similar schemes is simple – the penalties for this type of play are steep. Stay within the rules.”

 

IRS CI Special Agent-in-Charge Ryan L. Korner:

“Bank Julius Baer aided corrupt FIFA officials in laundering over $36 million. Banking officials that are a conduit for criminal activity undermine their own profession and the health of our financial system. The Bank’s admissions show that IRS Criminal Investigation will relentlessly pursue corruption across borders, including financial institutions that facilitate or conceal criminal activity. This should put other banks on notice that aiding in corruption will cost you millions.”

 

Related:

More:




2021 Data Release
2020 List of Private Banks in Hong Kong
2020 List of Private Banks in Singapore
2020 Top 10 Largest Family Office
2020 Top 10 Largest Multi-Family Offices
2020 Report: Hong Kong Private Banks & Asset Mgmt - $4.49 Trillion
2020 Report: Singapore Asset Mgmt - $3.48 Trillion AUM

Register Below
Latest 2022 data & reports, insights & news
Every Saturday & Sunday 2 pm
Direct to your inbox
Save 2 to 8 hours per week. Organised for success

For Investors | Professionals | Executives




New to Caproasia?
Join 10,000 +
Learn More | Sign Up Today







For CEOs, Heads, Senior Management, Market Heads, Desk Heads, Financial Professionals, Investment Managers, Asset Managers, Fund Managers, Hedge Funds, Boutique Funds, Analysts, Advisors, Wealth Managers, Private Bankers, Family Offices, Investment Bankers, Private Equity, Institutional Investors, Professional Investors

Get Ahead in 60 Seconds. Join 10,000 +
Save 2 to 8 hours weekly. Organised for Success.

Subscribe / Sign Up / Contact Us


    Mailing ListFree TrialPromo $20 MonthlyPromo $180 YearlyInvestor $680 YearlyProfessional $680 YearlyExecutive $680 Yearly


    Financial Professional $60 YearlyWealth Managers $60 YearlyPrivate Bankers $80 YearlyBoutique Advisory $80 YearlyFamily Office $80 YearlyProfessional Investor $80 YearlyInvestment Bankers $80 YearlyPrivate Markets $80 YearlyInvestment Managers $80 YearlyManagement $80 Yearly


    Private WealthFamily OfficePrivate BankingWealth ManagementInvestmentsAlternativesPrivate MarketsCapital MarketsESG & SICEO & EntrepreneursTax, Legal & RisksHNW & UHNWs Insights











    Caproasia | Driving the future of Asia
    a financial information technology co.
    since 2014


    Web links may be disabled on mobile for security.
    Please click on desktop.










    Caproasia.com | The leading financial website for investment managers, professional investors, UHNW & HNW investors and advisors to institutions, billionaires, UHNWs & HNWs.  Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets?

    Caproasia is a financial information technology co. founded in 2014. We have 4 businesses in Media, Information, Services and Technology. We created 3 solutions: Membership, Events & Platforms to drive investment decisions in Asia through information, services, technology & people, that impact economies, societies & people. Our Mission: Driving the future of Asia

    For 2022 Investment Day: mail@caproasia.com
    For Family Office, Professional Investor, HNW Investor Events: mail@caproasia.com
    For Membership, Events, Networking, Roundtable, Summits: mail@caproasia.com
    For Investment Relations Network: mail@caproasia.com
    For Platforms, Media Kit, Advertising, Campaigns, Partnerships: angel@caproasia.com
    For press release: press@caproasia.com
    For all other enquiries: mail@caproasia.com

    2022 Upcoming Events
    Join Events in Hong Kong & Singapore. Investments, Alternatives, Private Markets
    Hedge Funds, Private Equity, Private Wealth, Family Office & more.
    View: 2022 Upcoming Events | Register here

    Join as Delegate, Speaker, Moderator, Host, Sponsor & Partner
    Contact: events@caproasia.com or mail@caproasia.com




    Caproasia Users
    • Manage $20 million to $3 billion of assets
    • Invest $3 million to $300 million
    • Advise institutions, billionaires, UHNWs & HNWs
    • Learn More | Caproasia Users
    Caproasia Platforms | Join 10,000 Investors & Advisors Monthly Networking & Roundtables: Membership | Join a Powerful Network: Family Office Programs: Caproasia Summits: Special Coverage


    Previous articleSingapore Central Bank MAS New Board of Directors, Ravi Menon Extends Managing Director Role for 2 Years
    Next articleUBS Launched Future of Earth Fund, 3 Thematic Funds Raised $2.6 Billion
    Caproasia.com covering capital markets, investments and private wealth in Asia. Our users manage, advise & invest $25 trillion assets in Asia