New money-laundering complaints for Vatican bank
CWN - December 13, 2010
The Vatican Bank is under new scrutiny in a case involving money-laundering allegations that led police to seize €23m (£19.25m) in September.
Italian officials charge that the Vatican bank, the Institute for Religious Works (IOR), intentionally violated new European rules designed to prevent money-laundering.
In an investigation into the affairs of the Vatican bank, which prompted the seizure of €23 million in IOR funds by Italian authorities in September, has called attention to two questionable transactions, amid charges that the IOR had “the aim of hiding the ownership, destination, and origin of the capital.”
IOR officials insist that the transactions in question can be explained, and attribute the problems to faulty record-keeping. Banking officials question whether the bank was used as a front for criminal activities.
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 March expenses ($27,241 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!