An intergovernmental agency that sets standards for anti-money laundering and counter-terrorism financing has concluded that soccer and other sports clubs are being used to hide dirty money, according to a report in Thursday's Financial Times. The Paris-based Financial Action Task Force (FATF) will publish a report examining how criminals exploit the clubs, Sir James Sassoon, FATF's president said, according to the news agency. The disclosure was made during the organization's plenary meeting in London. Sassoon said that the aim of the report, which will include best practices for law enforcement agencies and regulators, is to help countries identify money laundering...
An intergovernmental group has unveiled an anti-corruption monitoring system that will require sports governing bodies to identify the beneficial owners of sports clubs and their sources of wealth to secure top ratings for financial integrity.
In his 12-year career as an Assistant U.S. Attorney in the Southern District of New York, Daniel W. Levy has investigated and prosecuted several banks, bankers, and financial services advisors that facilitated the evasion of U.S. taxes through the use of complicit offshore financial institutions.
The opaque financial structures of the sports sector, including soccer and basketball, can be abused by criminals seeking to disguise dirty money and climb social ladders, an intergovernmental organization said Wednesday.
The Financial Action Task Force, a global financial crime watchdog is set to release three reports highlighting the methods that money launderers and terrorists can employ to exploit trade and electronic commerce and facilitate weapons proliferation.