Home > World > Vatican Bank faces money-laundering probe

Vatican Bank faces money-laundering probe


The Banca d'Italia (Bank of Italy) in Via Nazi...

Image via Wikipedia

By the CNN Wire Staff
September 21, 2010 11:40 a.m. EDT
STORY HIGHLIGHTS
  • Two transactions sparked questions and were automatically suspended
  • The Bank of Italy says Italian authorities are investigating
  • The Vatican is “perplexed and baffled” by the probe and says it aims for full transparency

Rome, Italy (CNN) — Italian authorities are investigating the Vatican Bank over possible violations of money laundering regulations, the Bank of Italy told CNN Tuesday.

Another Italian bank alerted Bank of Italy investigators to two Vatican Bank transactions that did not appear to comply with anti-money laundering requirements, the Bank of Italy said.

When Bank of Italy investigators told legal authorities about the transactions, they were told that judicial authorities were already investigating the Vatican Bank, the Bank of Italy said.

The Vatican said Tuesday it is “perplexed and baffled” by the public prosecutor’s actions, and the Holy See aims for “complete transparency” in its financial operations.

The Vatican said it has “full trust” in Ettore Tedeschi, the head of the bank — which is officially known as the Istituto per le Opere di Religione.

The Bank of Italy investigation was prompted by two wire transfers which the Vatican Bank asked Credito Artigiano to carry out, the Bank of Italy said.

The Vatican Bank did not provide enough information about the transfers — one for 20 million euros (about $26 million), and one for 3 million euros (about $4 million) — to comply with the law, prompting the Bank of Italy to suspend them automatically, it said.

The Vatican Bank is subject to particularly stringent anti-money laundering regulations because Italian law does not consider it to operate within the European Union.

It must supply more detailed information about transactions than European Union banks have to give.

CNN’s Hada Messia in Rome, Italy, contributed to this report.

BACK to margotbworldnews.com

Advertisements
  1. No comments yet.
  1. No trackbacks yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: