- js reader version
- view hidden posts
- tags and related articles
by Sophia Har
Thursday, Jun. 04, 2015 at 7:10 PM
FIFA, Money Laundering,World Cup, Jubilee USA Network
The President of international soccer's governing body, the Federation Internationale de Football Association (FIFA), is resigning amid corruption allegations. Sepp Blatter led FIFA for 17 years before resigning June 2 after winning re-election to another term as the organization's leader. Just before his resignation, Swiss authorities arrested seven FIFA executives as part of an FBI probe that indicted 14 people on bribery and corruption charges. Twenty-six banks are named in the indictment, including major US firms such as Citigroup and JP Morgan Chase.
"This level of corruption was only possible with the complicity of the global banking system," said Eric LeCompte, executive director of the religious development organization Jubilee USA Network. "The FIFA scandal shines a light on how corruption is protected and supported by US banks."
The corruption and bribery charges relate in part to FIFA's process for awarding world cups to host nations. Authorities are investigating South Africa's 2010 World Cup as well as upcoming World Cups in Russia in 2018 and Qatar in 2022. More than 0 million in FIFA bribes flowed through the US financial system, but in only one instance did a bank reject a money transfer out of suspicion. While US investigators are still determining if any banks broke US law, experts indicate that the transactions were likely structured to avoid triggering US anti-money laundering alarms.
The indictment also alleges that defendants used shell companies to move bribe money around the globe. The United States is currently one of the easiest countries in the world in which to open a shell company without disclosing the company's true owner. Jubilee USA supports bipartisan legislation to address shell companies - the Incorporation Transparency and Law Enforcement Assistance Act.
"We need stronger transparency laws to ensure that criminals can't move money around the world," noted LeCompte. "There is bipartisan legislation to do just that and Congress should pass it immediately."
The developing world loses nearly trillion each year to corruption, crime and tax evasion. Those losses, called "illicit financial flows," are largely facilitated by gaps in international money-laundering and transparency rules. In 2012, developing countries lost more than 10 times as much to illicit financial flows as they received in official development assistance, according to the US-based research and advocacy organization Global Financial Integrity.
"Corruption destabilizes our global economy and hurts the poor most of all," stated LeCompte. "The religious community prays that the sins of FIFA bring about a more transparent, stable world."
Jubilee USA Network is an alliance of more than 75 US organizations and 400 faith communities working with 50 Jubilee global partners. Jubilee's mission is to build an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA has won critical global financial reforms and more than 0 billion in debt relief to benefit the world's poorest people. www.jubileeusa.org
Report this post as:
OUR HOUSE Grief Support Center Presents Night for Hope
Marshall Tuck’s racist dog whistle
Marshall Tuck’s ethnocentrism contradicts Californian values
Debunking Some Anti-Prop 10 Propaganda
Why Should California Choose De Leon Over Feinstein?
Change Links September 2018 posted
More Scandals Rock Southern California Nuke Plant San Onofre
Site Outage Friday
Change Links August 2018
Setback for Developer of SC Farm Land
More problems at Shutdown San Onofre Nuke
Change Links 2018 July posted
More Pix: "Families Belong Together," Pasadena
"Families Belong Together" March, Pasadena
Short Report on the Families Belong Together Protest in Los Angeles
Summer 2018 National Immigrant Solidarity Network News Alert!
Watch the Debate: Excluded Candidates for Governor of California
Change Links June 2018 posted
The Montrose Peace Vigil at 12 Years
Unity Archive Project
More Local News...
Allo, quelqu'un ? Allo, quelqu'une ?
deral Government Officials are not allowed to take leaflets nor pick up items in privste
Communist Mouthwash Hides Nature of Nations Suffering in Comm Pyramids Ploys
Atlanta: metro Pillage, Poison Gas, Pricks
Atlanta Metro Suffers Under Pillage, Shame lso Political Poison Gases
Fed Says College Students Have More Debt than Previous Generations
Paraphysique de l'insurrection et de l'émeute
Corruption of USA government
"We live in a time of radical counter-enlightenment"
Did Woolsey Fire Cause Radioactive Fallout?
G20 Discusses Preventing Financial Crisis and Small Island Economies
Driver near Campbell San Jose researches Bus Traffic from Northern Mexico
The Death of Small Businesses in Big Cities, Explained
Felons Shw Ninjasred Heavy Truck Tyres
Paraphysique de la consommation/pollution
Paraphysique de l'effet spectateur
Condominium, terrorisme du capital
Debt and Tax Policies Needed to Prevent Crisis Says Finance Watchdog Group
Independent Media Crackdown and Global Social Movements
Abécédaire du fascisme restreint et général
“Animaniacs in Concert!” Starring Voice Legend Rob Paulsen Heads to Portland, Oregon
Socialism in American English
Noske, noskisme réactualisé
Oprah Please Stop Selling Dead Animal Pieces
Down In Smoke SF
Paraphysique du scientisme
USDA Withholds Names Of Turkey Companies Spreading Salmonella
More Breaking News...