by Joe Mont, June 12, 2015
All over the world, media outlets have detailed the bribery scandal that toppled leadership of the Fédération Internationale de Football Association, the international governing body of professional soccer.
In May, the Justice Department indicted 14 people on corruption charges. Among the allegations are that Jack Warner, FIFA's former vice president, accepted a $10 million bribe to secure South Africa’s bid to host the 2010 World Cup.
The indictment names 26 banks that did business with FIFA—including Bank of America, Barclays, HSBC, Citigroup, and JPMorgan Chase—in its litany of various bribery schemes. No wrongdoing on the banks’ part is alleged, but financial institutions can expect to be on the hot seat for a long while as their role is scrutinized.
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