An intergovernmental group has unveiled an anti-corruption monitoring system that will require sports governing bodies to identify the beneficial owners of sports clubs and their sources of wealth to secure top ratings for financial integrity.
To understand why Brazilian officials and state-run companies are embroiled in multiple large-scale criminal investigations, look first to the seemingly modest reforms in recent years of the country's anti-corruption controls, according to an assistant law professor at the University of Richmond.
The opaque financial structures of the sports sector, including soccer and basketball, can be abused by criminals seeking to disguise dirty money and climb social ladders, an intergovernmental organization said Wednesday.
An intergovernmental agency that sets standards for anti-money laundering and counter-terrorism financing has concluded that soccer and other sports clubs are being used to hide dirty money.