Following a five-year investigation, Julius Baer announced Wednesday that it had entered "advanced discussions" with U.S. authorities and expects to pay "a double-digit million dollar" sum after allegedly enabling corruption in global soccer and laundering bribe payments. The Justice Department began investigating FIFA, world soccer's primary governing body, in 2015 after allegations surfaced that over a period of 24 years, officials and associates of the organization paid and received more than $200 million in bribes and kickbacks to award or obtain marketing and broadcasting rights for several World Cup tournaments and other events. As part of the investigation, federal prosecutors...
An Argentine private banker who worked for Credit Suisse and Julius Baer helped deliver more than $25 million in bribe payments to world soccer officials with the help of forged documents, shell companies and Swiss bank accounts.
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