Posts Tagged ‘Vatican bank’
Vatican bank has new rule to combat money laundering
The Vatican will announce new rules to combat financial crime on Thursday as it continues to deal with a money-laundering probe that has seen 23 million euros frozen from its banking institution.
The Vatican said in a statement on Wednesday that Pope Benedict would issue a so-called apostolic letter on combating financial crime, money laundering and the funding of terrorism. The Holy See would create a financial information authority.
The Vatican bank, formally known as the Institution for Religious Works (IOR), has been under investigation for suspected violations of European Union money laundering rules since September. It denies any wrongdoing…
Finance police have frozen 23 million euros of the IOR’s funds held in an account in an Italian bank in Rome after authorities deemed that two transactions were suspicious.
Oh – the rule?
Thou shalt not hire crooks to run the bank!
Vatican Bank under investigation for money-laundering
Daylife/Reuters Pictures used by permission
The head of the Vatican Bank, Ettore Gotti Tedeschi, is under investigation as part of a money-laundering inquiry, police sources say.
Prosecutors also seized 23 million euros from the bank’s accounts with another smaller institution.
The inquiry was launched after two suspicious transactions were reported to tax police in Rome.
The Vatican said it was “perplexed and astonished“, and expressed full confidence in Mr Tedeschi.
The Vatican Bank, known officially as the Institute for Religious Works (IOR), was created during World War II to administer accounts held by religious orders, cardinals, bishops and priests…
The BBC’s David Willey in Rome says the Bank of Italy’s financial intelligence unit tipped off Italy’s tax police last week, after two suspicious transactions were reported between the Vatican Bank and two different Italian banks.
The tax police seized 23m euros that the Vatican Bank had tried to transfer from a small Italian bank called Credito Artigianato.
Some 20m euros was destined for JP Morgan in Frankfurt, with the remainder going to another Italian bank, Banca del Fucino…
Mr. Tedeschi had better plan on staying off bridges without his bodyguard. Given what happened to a previous “God’s banker“.
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