Click here to advertise on CatholicCulture.org

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.

Additional sources for this story
Some links will take you to other sites, in a new window.

An appeal from our founder, Dr. Jeffrey Mirus:

Dear reader: If you found the information on this page helpful in your pursuit of a better Catholic life, please support our work with a donation. Your donation will help us reach seven million Truth-seeking readers worldwide this year. Thank you!

Progress toward our July expenses ($16,162 to go):
$35,000.00 $18,838.29
46% 54%
Sound Off! CatholicCulture.org supporters weigh in.

All comments are moderated. To lighten our editing burden, only current donors are allowed to Sound Off. If you are a donor, log in to see the comment form; otherwise please support our work, and Sound Off!

There are no comments yet for this item.

Subscribe for free
Click here to advertise on CatholicCulture.org

Recent Catholic Commentary

Renewal with God Behind Us: Man Determines All 19 hours ago
Introducing the Church Fathers July 27
Straws in the Wind July 25
Hans Urs von Balthasar on Renewal that Matters July 25
Wrongheaded diocesan legal defenses in abuse cases July 24

Top Catholic News

Most Important Stories of the Last 30 Days
New management, new changes coming for reformed Vatican bank CWN - July 8
Sweeping reforms to Vatican's media, financial operations CWN - July 9
‘Even Genghis Khan didn’t do this’: Mosul emptied of Christians CWN - July 21