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Vatican bank may challenge impounding of funds

October 04, 2010

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The Vatican bank is reportedly ready to ask an Italian court to release the $30 million in funds that were seized by Italian authorities investigating money-laundering complaints.

The Vatican bank, the Institute for Religious Works (IOR), has insisted that any legal questions about the funds in question can be readily answered. The IOR is anxious to clear its reputation, as it seeks “White List” status as an institution in compliance with tight new European rules against money-laundering.

Because the IOR is not subject to any national regulatory body-- since it operates under the jurisdiction of the Vatican city-state-- the unprecedented Vatican appeal to an Italian court could be a means of resolving the complaint promptly.

 


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