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.
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 five million Truth-seeking readers worldwide this year. Thank you!
Progress toward our April expenses ($20,385 to go):
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!