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Vatican Money Laundering

February 2, 2011

This was noted in half past human so I decided research it a bit. Not sure how reliable this source is but the story is pretty interesting.

Unmasking the Vaticans Bank

Key points – the accounts return 13%…where does the money come from to pay that?

  • Only Vatican employees and religious institutions are allowed to open accounts in the bank — which you’d think would make it the most moral bank in the world.
  • Italy’s Central Bank flagged a 23 million euro transfer from an IOR account in an Italian bank, the Credito Artigiano, to two other accounts as lacking some information now compulsory under EU-mandated anti-money laundering laws. So prosecutors seized the money, froze the IOR account, and opened an investigation
  • IOR’s biggest asset, anyway, is its secrecy — all its accounts are identified only by number. This secrecy has been used for unholy goals.
  • IOR’s secrecy has been assured by the loyalty and frugality of its employees, mostly priests, and by the fact that the Vatican, a sovereign State, operates as a financial black hole, exempt from all international disclosure and transparency obligations.

half past human indicates this ties into the mafia and some other…well politicians. We will see…

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