Sepp Blatter and Michel Platini have been banned from all football-related activities around the world for eight years and fined almost £90,000 between them, Fifa has announced.
The pair abused their positions and ignored both the law and Fifa regulations with a £1.3m payment transferred between the two men, the footballing body's ethics committee ruled.
The Independent Ethics Committee said the bans would come into force with immediate effect.
Outgoing Fifa president Blatter and vice-president Platini, who is also Uefa president, had previously been suspended following allegations of corruption.
The investigations centred around a payment of two million Swiss Francs (£1.3m) to Mr Platini in February 2011, which the committee said had "no legal basis" in the written agreement signed by the two men in 1999.
Neither Mr Blatter nor Mr Platini had been able to prove any other legal basis for the payment, the committee added.
"[Their] assertion of an oral agreement was determined as not convincing and was rejected by the chamber," it said.
Both men were found to have abused their position and did not show "commitment to an ethical attitude", the committee said, "failing to respect all applicable laws and regulations as well as FIFA’s regulatory framework to the extent applicable to [them] and demonstrating an abusive execution of [their] position."
Both men were banned from all national and international footballing activities, including any administrative or sporting work.
In addition, Blatter was fined 50,000 Swiss Francs (£33,714), while Platini was fined 80,000 Swiss Francs (£53,942).