Click here to advertise on CatholicCulture.org

Italian court refuses to lift freeze on Vatican bank funds

Catholic World News - October 20, 2010

An Italian court has denied a plea from the Vatican bank to release the €23 million ($31.7 million) that were frozen in connection with a money-laundering investigation.

The Vatican bank, formally known as the Institute for Religious Works (IOR), is under investigation for possible violations of new European standards governing money transfers. The standards have been established to prevent money-laundering. Ettore Gotti Tedeschi, the chairman of the IOR, has said that the transfers that are now under scrutiny involved the bank’s own funds, and simple clerical errors resulted in the failure to provide adequate documentation for the transfers.

The Vatican bank had made an unprecedented appeal to an Italian court to release the funds, saying that any misunderstandings about the source of the money can easily be resolved. But the Riesame tribunal rejected that appeal.

The Vatican press office released a short formal statement expressing “amazement” at the ruling. A lawyer representing the IOR said that the bank would appeal the court’s decision.

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!

Progress toward our September expenses ($20,279 to go):
$35,000.00 $14,720.73
58% 42%
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.

Subscribe for free
Click here to advertise on CatholicCulture.org

Recent Catholic Commentary

Targeting the Pope? 16 hours ago
Gregory the Great, Christ, the Church and the Soul in the Song of Songs 18 hours ago
New Ebook on Renewal and Evangelization September 15
More evidence that you can't trust the Pill September 15
Did Cardinal McCarrick compare Allah to the Trinity? September 15

Top Catholic News

Most Important Stories of the Last 30 Days