The International Boxing Association (IBA) says it will reward medallists at this summer’s Paris Olympic Games with prize money – despite not organising the event.

The International Olympic Committee (IOC) will again be in charge of boxing in Paris, as it was at Tokyo 2020, amid concerns over the IBA’s finance, governance, ethics, refereeing and judging.

Last year, the IBA was stripped of its status as the sport’s world governing body by the IOC after it failed to meet set reforms following its 2019 suspension over alleged corruption.

The IOC said it had “taken note” of the IBA’s announcement.

Given the Olympics’ origins as an amateur sports event, the IOC does not award prize money but distributes funding through international federations (IF) and national Olympic committees (NOC).

However, the IBA says it will award $100,000 (£78,720) in prize money to Olympic champions, $50,000 (£39,360) for silver medals and $25,000 (£19,680) for bronze.

It follows a move by World Athletics, who announced last month it will become the first international federation to award prize money at the Games.

“Our athletes and their efforts must be appreciated. The IBA offers opportunities and invests considerably in our boxers, they remain as the focal point, and we will continue to support them at all levels,” said IBA president Umar Kremlev.

“As always with the IBA, it is unclear where the money is coming from. This total lack of financial transparency was exactly one of the reasons why the IOC withdrew its recognition of the IBA,” the IOC added.

“Olympic boxing needs to be organised by a credible, well-governed International Federation.”