Challenge Grant: Our Boosters will match donations up to $45,000. We have $38,368 to go. Please donate!
Click here to advertise on CatholicCulture.org

Leading US bank closes Vatican bank’s account

Catholic World News - 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.

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!

Our Fall Campaign
Progress toward our year-end goal ($125,746 to go):
$150,000.00 $24,253.70
84% 16%
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.

Fall 2014 Campaign
Subscribe for free
Shop Amazon
Click here to advertise on CatholicCulture.org

Recent Catholic Commentary

Ignatius Press into the Breach: Trumping the Kasper Proposal 10 hours ago
Has the Vatican finally discovered how to avoid inaccurate English translations? 14 hours ago
The Synod: It's a Wrap! October 21
A chaotic synod? Not in its results October 21
Cardinal Kasper's unsubtle threat October 21

Top Catholic News

Most Important Stories of the Last 30 Days
Key synod report calls for 'gradualism' in Church response to irregular family situations CWN - October 13
As synod concludes, bishops issue message, approve document; Pope weighs in CWN - October 20
Cardinal Parolin: UN must protect innocents from Islamic State CWN - September 30
Synod of Bishops opens with Mass in St. Peter’s Basilica CWN - October 6