The large number of transactions involving World Cup real estate deals, soccer players and tourism may be vulnerable to abuse by money launderers, say compliance consultants. The month-long tournament is expected to net at least $3 billion in sponsorships alone, according to the International Federation of Association Football (FIFA). South Africa, which is hosting the quadrennial event in nine of its cities, has invested over $3.6 billion, according to FIFA estimates. All told, the tournament will bring over $7.2 billion to the South African economy, and net nearly $2.5 billion in taxes for its government, according to research from Grant...
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.
To understand why Brazilian officials and state-run companies are embroiled in multiple large-scale criminal investigations, look first to the seemingly modest reforms in recent years of the country's anti-corruption controls, according to an assistant law professor at the University of Richmond.
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.