Julius Baer latest firm to undertake FIFA-related probe

Fifa World Cup Brazil

Julius Baer of Switzerland became the latest bank to start an internal probe of money transfers linked to an investigation of FIFA, world soccer’s ruling body.

Bloomberg News reports that Julius Baer joined banks including Standard Chartered in reporting that it began an inquiry. The firm was named as one of the lenders involved in money transfers in a U.S. indictment of 14 FIFA and regional soccer officials in May.

'We have launched an internal investigation and we are fully cooperating with the authorities', Jan Vonder Muehll, a spokesman for the bank, said by telephone from Zurich on Wednesday.

Julius Baer, which isn’t accused of any wrongdoing, has already been waiting 3 1/2 years to resolve a separate investigation by the Justice Department into how it and other banks helped American taxpayers hide money offshore. 

To access the complete Bloomberg News article hit the link below:

Julius Baer Starts Probe Amid FIFA Corruption Allegations

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