1/1/2023 0 Comments Julius baer![]() ![]() Carlsen’s results got annulled and the event continued with 9 players. In March, Swiss regulators announced they would lift an acquisition ban they had imposed on Julius Baer related to the bank's failures to prevent money laundering by its clients.Player line-up for the Julius Baer Generation Cup! #JuliusBaerGenerationCup #ChessChamps /sgEyJQgPLi- Meltwater Champions Chess Tour September 12, 2022Īfter Hans Niemann defeated the World Chess Champion Magnus Carlsen in the third round of the Sinquefield Cup 2022, Carlsen withdrew from the event giving no detailed explanations. That same month, Arzuaga, who had worked in the bank's Montevideo, Uruguay, and Zurich offices, was sentenced to three years of supervised release in his own criminal case, after pleading guilty to conspiracy several years earlier. Department of Justice to the deferred prosecution deal. Julius Baer in November took a provision of nearly $80 million on its books to cover what the bank expected to pay in fines after agreeing in principle with the U.S. "Burzaco and co-conspirators agreed to pay approximately $30 million to the senior vice president of FIFA, who was also the president of the Asociación del Fútbol Argentina, for his support in the award of regional broadcasting rights to the 2018, 2022, 20 editions of the World Cup," the DOJ said.īurzaco's company also agreed to pay tens of millions of dollars to bribe officials in the South American football federation CONMEBOL, all of whom were also FIFA officials, "for the rights to the Copa América tournament (including the 2015, 20 editions of the tournament and the 2016 Copa América Centenario, a commemorative centennial edition of the tournament played at stadiums across the United States)," the DOJ said. The release noted, "Burzaco pleaded guilty to racketeering conspiracy and other offenses in November 2015." The bank "conspired to execute these illegal transactions through accounts at the Bank to conceal the true nature of the payments and promote the fraud," the DOJ said in its press release. to launder the bribes through the United States to soccer officials for broadcast rights. The DOJ said that from February 2013 through May 2015, the bank through a former client relationship manager named Jorge Luis Arzuaga, conspired with sports marketing executives who included Alejandro Burzaco, the controlling executive of Argentina-based Torneos y Competencias S.A. ![]() We are delivering on that promise," McQuaid said. "From the time of the first FIFA-related indictment, the department has promised to hold accountable the financial institutions involved in this global criminal scheme. "Today's resolution sends a strong message to all banks and other financial institutions that if they knowingly misuse our financial system to hide their clients' criminal proceeds or to promote a corrupt scheme, they will be held to account," said Nicholas McQuaid, the acting assistant attorney general of the Justice Department's criminal division. The terms of that deal include the admission by the bank that the criminal allegations against it are true and accurate, and that they can be used against Julius Baer in other proceedings. District Judge Pamela Chen the bank was agreeing to the deferred prosecution deal. "Nevertheless, a executive directed the opening of these accounts be fast tracked in the hope that these clients would provide lucrative business," the DOJ said in a press release.Ī bank official, appearing during the virtual proceeding, pleaded not guilty to the case, and told U.S. ![]() Department of Justice said Thursday that Julius Baer admitted known that the accounts of certain clients "were associated with international soccer, which was generally understood to involve high corruption risks." According to a Reuters report last November, the bank had been cooperating with the DOJ's probe of alleged money laundering and corruption involving FIFA officials and affiliates. Julius Baer is Switzerland's third-largest bank. The crime related to a scheme that involved sports marketing companies bribing officials at FIFA and other soccer federations to get broadcast rights for games.Ī total of $36.37 million was laundered through Julius Baer as part of that scheme, which agreed to pay that amount in forfeiture, with the rest of its payments covering the criminal fine. #Julius baer seriesThe agreement, the latest in a series of FIFA-related criminal cases, was announced in Brooklyn, New York, federal court during an arraignment hearing for the bank, which was formally charged with money laundering conspiracy. ![]()
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