The raids stem from allegations of money laundering tied to the financial services firm Sur Finanzas

International News via Reuters:

A federal judge has ordered raids of the Argentine Football Association and a group of soccer clubs as part of an investigation into suspected money laundering, according to local media.

Federal police entered the AFA’s headquarters in Buenos Aires on Tuesday morning.

The raids stem from allegations of money laundering tied to the financial services firm Sur Finanzas, news outlet La Nacion reported. The judge ordered raids on more than 10 soccer clubs, including top-tier clubs Racing, San Lorenzo and Independiente.

Sur Finanzas, the AFA and a spokesperson for prosecutors did not immediately respond to a request for comment. The federal court in Lomas de Zamora, a district in the province of Buenos Aires, from which La Nacion said the judge ordered the raids, could not immediately be reached.

Racing, San Lorenzo and Independiente did not immediately respond to a request for comment.

La Nacion said the probe had arisen from a criminal complaint that focused on transfers of money between soccer clubs and Sur Finanzas’ payment service platform.

The raids could increase tensions between AFA president Claudio “Chiqui” Tapia and President Javier Milei.

Milei has pushed for Argentina’s soccer clubs, which have long functioned as nonprofit organizations run by their members, to become for-profit companies under private owners.

The AFA has fought against legal efforts by Milei to allow for-profit clubs to join the association.

Reporting by Leila Miller;Editing by Alison Williams

The ECB urged Rome on Monday to reconsider a proposed amendment to its 2026 budget law that would state that the Bank of Italy’s gold reserves belong to “the Italian people,”

International News via Reuters:

The independence of central banks is essential for monetary stability, Bank of Italy Governor Fabio Panetta said on Tuesday, amid a spat between the Italian government and the European Central Bank over the country’s gold reserves.

The ECB urged Rome on Monday to reconsider a proposed amendment to its 2026 budget law that would state that the Bank of Italy’s gold reserves belong to “the Italian people,” warning the move could jeopardise the central bank’s independence.

Without mentioning specifically the issue of the gold reserves, Panetta said in a speech that monetary stability rests on “the authority of the State and the credibility of an independent central bank.”

Italian Economy Minister Giancarlo Giorgetti intends to send a letter to ECB head Christine Lagarde to clarify that Rome has no plans to undermine the independence of the Bank of Italy, sources familiar with the matter told Reuters on Tuesday.

RISKS AHEAD

In his speech in Dublin at an event organised by Ireland’s central bank, Panetta said the transformation of the international monetary system, with accelerating digitalisation and growing multipolarity, carried a number of risks.

“When structural forces move inch by inch, while technology advances in leaps and bounds, the outcome is not just linear change or fresh opportunities; it may also turn turbulent,” he said.

Panetta expressed concern about the increasing use of stablecoins in cross-border payments, saying their circulation was opaque and they suffered from operational vulnerabilities.

“During the transition to a digital monetary order, their growing use could add a layer of volatility – or even instability – to an already uncertain international environment,” he said.

Managing these risks will require clear rules, credible public anchors and sustained international cooperation, Panetta added.

The Bank of Italy chief also noted “the weakening of some of the dollar’s traditional pillars,” while China’s yuan and the euro both have the potential to become more global currencies but are not currently in a position to match the greenback.

“Multipolarity could increase diversification, spreading the burden of global liquidity provision and reducing global dependence on the US policy cycle. But it could also amplify volatility and contagion risks,” he warned.

Reporting by Antonella Cinelli, editing by Gavin Jones