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Italy releases frozen funds of Vatican bank

Catholic World News - June 03, 2011

Italian banking officials have released the €23 million ($33 million) in funds from the Vatican bank that were frozen last September in connection with a probe into money-laundering charges.

Italian prosecutors said that the frozen funds were released in recognition of “significant changes” in the operation of the Vatican bank. Banking officials had complained that procedures in the bank, formally known as the Institute of Religious Works, had not met European standards for transparency.

In response to the charges—and to qualify for the “white list” of financial institutions that comply with all European regulations—the Vatican instituted new rules for financial transfers, which went into effect April 1.

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