Click here to advertise on CatholicCulture.org

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.

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 ($26,341 to go):
$150,000.00 $123,658.96
18% 82%
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

Denial of Service Attack: Success! 6 hours ago
Federal debt as a social-justice concern 8 hours ago
Another side of Francis: US-Cuba role shows Pope's diplomatic muscle December 18
Silly season: a Christmas approaches, a scholar questions whether Jesus ever existed December 18
The intrinsic immorality of torture: still not convinced? December 18

Top Catholic News

Most Important Stories of the Last 30 Days
Pope Francis: Europe seems 'elderly and haggard' CWN - November 25
Pope Francis, Ecumenical Patriarch sign joint declaration, lament persecution of Christians CWN - December 1
Consistory for new cardinals scheduled for February CWN - December 11
Vatican report on US women religious calls for further self-assessment CWN - December 16
Pope brokered deal to open US-Cuba ties CWN - December 17