Vatican bank may close accounts of foreign embassies
Catholic World News - September 30, 2013
The Vatican bank is planning to close out accounts held by foreign embassies, the Reuters news service reports, because of concerns raised by large cash withdrawals by some embassies.
Citing informed sources at the Vatican, Reuters reports that the Financial Information Authority, established to oversee Vatican financial affairs, has voiced concern about large cash withdrawals by the embassies of Iran, Iraq, and Indonesia. The withdrawals were made without adequate explanation, Vatican officials said. The transactions raised concerns particularly because international banking regulators view these countries as high risks for money-laundering and financing of terrorism.
Pope Francis has ordered a thorough review of the affairs of the Vatican bank, formally known as the Institute for Religious Works. The closing of accounts held by foreign embassies could be among the reforms suggested for implementation this year.
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 September expenses ($33,996 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!