International

FIFA warns of tighter financial controls

2015-12-08 15:11

Zurich - FIFA has told its 209 member federations of their "major deficiencies" handling tens of millions of dollars in project money this year.

FIFA acting secretary general Markus Kattner says in a letter: "Control of FIFA development funds will be reinforced."

Problems included failure to have a bank account specific for FIFA-approved money and poorly documented cash payments.

FIFA says "expenses reported differ substantially from amounts budgeted and approved by FIFA."

Invoices and delivery vouchers with third parties are "not documented sufficiently" while local laws relating to contracts and paying social taxes are broken.

FIFA allocated $55 million to give each member a basic $250,000 annual grant in 2016. Members are allowed an additional $600,000 for specific projects.

FIFA's audit committee reviews each member's accounts at least once every five years.

Read more on:    fifa  |  soccer
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