By Mark Baber
March 1 – Citibank has confirmed that it has received a subpoena from US prosecutors investigating alleged bribery, corruption and money laundering associated with FIFA.
The information a subpoena had been received was included in the bank’s annual 10-K submission to the US Securities and Exchange Commission, filed on Friday February 26, in which it is stated that:
“Citibank has received a subpoena from the United States Attorney for the Eastern District of New York in connection with its investigation of alleged bribery, corruption and money laundering associated with the Federation Internationale de Football Association (FIFA), and the potential involvement of financial institutions in that activity. The subpoena requests information relating to, among other things, banking relationships and transactions at Citibank and its affiliates associated with certain individuals and entities identified as having had involvement with the alleged corrupt conduct. Citi is cooperating with the authorities in this matter.”
No further details are given in the filing and the bank is unwilling to comment further.
The news is hardly surprising, given that the bank was mentioned 15 times in the FIFA indictment unsealed by the Department of Justice last May but has led to further questioning of the role of banks in the scandal and whether or not they fulfilled their oversight responsibilities or failed to alert authorities to potential money laundering activities.
Many other banks were named in May’s indictment, with the role of US banks being crucial in establishing US jurisdiction over the various cases, but Citibank is the first major US bank to say that it has been subpoenaed in the matter – although it would be very surprising if others have not been.
Credit Suisse admitted in October that it had been questioned by authorities in the US and Switzerland, whilst media have reported HSBC, Standard Chartered and Delta National Bank have also all been questioned.
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