Community | January 24, 2010 | 3 comments

Vatican bank accused of money-laundering

source: http://watchmannewsletter.typepad.com/news/2009/12/vatican-bank-reported-to-be-facing-moneyl...

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http://watchmannewsletter.typepad.com/news/2009/12/vatican-bank-repor...

The Vatican Bank is under investigation for alleged involvement in a money-laundering scheme using accounts at one of Italy’s largest banks, according to a weekly investigative magazine.

Panorama reports that officials from the Bank of Italy’s Financial Intelligence Unit (UIF) have identified transactions worth up to €180 million (£160 million) that allegedly violated anti-money-laundering regulations in accounts held at a UniCredit branch in Via della Conciliazione, next to St Peter’s Basilica. Prosecutors in Rome, led by Nello Rossi and Stefano Rocco Fava, are reported to be working with a special unit of the Guardia di Finanza, the Italian tax police, to investigate the bank — which is formally known as the Institute for Religious Works (IOR).

The investigation relates to alleged breaches of financial regulations and disclosure obligations at the branch, but it is possible that the investigation may be broadened to include accounts held at other Italian banks. Investigators are examining every transaction in accounts held by the IOR from 2006 to 2008, the magazine reported.

more at link:
http://watchmannewsletter.typepad.com/news/2009/12/vatican-bank-reported-to-be-f...
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    Community,   News and Politics
  2. tags:
    Vatican,  Money Laundering,  accused
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