"I know of (a) professional football club or clubs under investigation … I couldn't reveal how many and what they are, for that is an operational matter," Wallace told the Treasury select committee, as quoted by the Sky News broadcaster.
He pointed out that the investigations were underway and more probes could be started in the future.
"The sports industry is as susceptible as anything else to dirty money being invested or their organizations being used as a way to launder money," Wallace noted.
The minister added that it could take years to complete the current investigations.
Football has been criticized over corruption within recent several years, with former FIFA President Sepp Blatter and UEFA President Michel Platini having left their posts amid corruption scandals.
The English Football Association also faces scandals related to corruption from time to time. In September, it turned out that Russian tycoon Roman Abramovich, President of FC Chelsea, had been denied residency in Switzerland over suspected involvement in criminal schemes.