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Leading US bank closes Vatican bank’s account

CWN - March 19, 2012

JP Morgan Chase, one of America’s leading banks, has closed down an account held by the Vatican bank at its Italian branch office in Milan.

Neither the American bank nor the Vatican bank (formally known as the Institute for Religious Works, or IOR) offered any public comment on the move. But officials at JP Morgan Chase acknowledged that the IOR account was closed because of concerns about the possible use of the Vatican bank for money-laundering.

The announcement is a setback for the IOR, which has been working to resolve complaints about undocumented transfers. Last year the Vatican imposed new regulations controlling all financial transfers. European banking officials have not yet reached agreement on whether or not those new policies have been successful.

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