A pedestrian passes the headquarters of Julius Baer Group Ltd. over in Zurich.
Stefan Wermuth | Bloomberg | Getty Images
Major Swiss bank Julius Baer received a deferred law enforcement agreement from federal prosecutors on Thursday and agreed to pay a fine and forfeiture of around $ 80 million for money laundering conspiracy-related allegations of corruption involving the international football association FIFA.
The deal means Julius Baer will not be brought to justice or prosecuted if the bank adheres to the terms of the agreement for the next 42 months.
The deal was announced in federal court in Brooklyn, New York, during a trial for the bank, which was formally charged with a money laundering conspiracy.
A bank clerk who appeared during the virtual trial pleaded not guilty to the case and told a judge that he agreed to the deferred law enforcement agreement.
The terms of this deal include the bank’s admission that the criminal allegations against it are true and correct and that they may be used in other proceedings against Julius Baer.
Julius Baer added nearly $ 80 million to its books in November to cover expected fines from the bank after agreeing in principle with the U.S. Department of Justice to the deferred law enforcement deal.
Julius Baer is the third largest bank in Switzerland. According to a Reuters report last NovemberThe bank had collaborated with the DOJ’s investigation into alleged money laundering and corruption involving FIFA officials and affiliates.
In the same month, former Julius Baer banker Jorge Arzuaga was sentenced to three years’ custody release in his own criminal case in which he pleaded guilty to the conspiracy.
Arzuaga admitted helping an Argentine sports marketing manager pay bribes to the president of the Argentine Football Association, who was also vice president of FIFA, Reuters reported.
Swiss in March The supervisory authorities announced that they would lift an acquisition ban They had imposed on Julius Baer in connection with the bank’s failure to prevent money laundering by its customers.