Click here to advertise on CatholicCulture.org

Italian court upholds seizure of Vatican bank funds

Catholic World News - December 20, 2010

An Italian court has rejected a motion to release €23 million in funds that were seized in September from the Vatican bank.

The funds were frozen by Italian authorities in connection with a money-laundering investigation. Officials at the Vatican bank, the Institute for Religious Works (IOR), had insisted that the failure to provide proper documentation for the transfer of funds was a clerical error, which could quickly be explained. The Vatican had asked an Italian court to lift the freeze on the funds-- a highly significant move, insofar as officials of the Holy See were deliberately accepting the authority of the Italian judicial system over the IOR, which is not ordinarily subject to Italian law since it is an arm of the sovereign Vatican city-state.

But Judge Maria Teresa Covatta said that the purpose of the transactions in question was still unclear, and refused to lift the freeze on the funds. Italian banking authorities have charged that the IOR has conducted transactions for shadowy Italian figures who are seeking to avoid disclosure of their financial affairs.

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 ($27,907 to go):
$150,000.00 $122,092.96
19% 81%
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

The Complexity of Reforming Religious Communities 15 hours ago
Speaking Softly to Women Religious December 16
In showdown with American sisters, the Vatican blinked December 16
Policing, torture, reasons of State, and our Christian mistake December 16
Can torture ever be justified? Round II. December 15

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 - 14 hours ago