Money-laundering in football to be investigated

There are claims that football clubs as well as other sports teams are being used to conceal money laundering. The intergovenmental body will investigate this matter.

On June 17, 2008, the Financial Action Task Force (FATF) decided to investigate whether sporting clubs in Europe, the United States and South America are really used in order to process illicit money through player transfers and investments.

The FATF president, Sir James Sassoon, said that the project is to show the attempts to “pick out things from across the waterfront that could present material vulnerabilities to the financial system”.

A meeting of the FATF in London gave final approval to this project as it has attracted great interest from its 34 members.

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