Italian officials release frozen funds of Vatican bank, acknowledging reforms
November 19, 2014
Italian banking authorities have agreed to release €23 million in funds from the Vatican bank, the Institute for Religious Works (IOR).
The funds had been frozen in September 2010, after they were deposited in a bank in Rome, as Italian authorities cracked down on the Vatican bank for its failure to comply with European standards designed to prevent money-laundering. Although Vatican officials insisted that the transaction was legitimate, the IOR has subsequently gone through a series of reforms intended to ensure transparency in financial transactions.
By releasing the frozen funds, the Italian banking authorities have tacitly accepted the claim that the Vatican is now in compliance with European standards.
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Further information:
- Italy promises to return 23 million euros to Vatican bank (CNS)
- Italian court upholds seizure of Vatican bank funds (CWN, 12/20/10)
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