Should the Vatican be immune to money laundering investigations under Italian law?

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Vatican Bank faces money-laundering probe

By the CNN Wire Staff
September 21, 2010 -- Updated 1832 GMT (0232 HKT)
The Vatican said Tuesday it is "perplexed and baffled" by the public prosecutor's actions.
The Vatican said Tuesday it is "perplexed and baffled" by the public prosecutor's actions.

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, a source close to the investigation said.

The Vatican said Tuesday that it is "perplexed and baffled" by the public prosecutor's actions and that 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 Vatican Bank is "the most secret bank in the world," money laundering expert Jeffrey Robinson said Tuesday.

There is no way to find out how much money it controls, he said.

The Vatican's sources of income include its vast real estate holdings, explained Robinson, author of "The Laundrymen."

"They are huge, huge landholders," he said.

The Bank of Italy investigation was prompted by two wire transfers that 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.

Italian media reported that prosecutors had seized the $30 million.

Prosecutors did not respond to requests for comment.

It is not entirely clear how much legal authority Italian officials have over the Vatican Bank, since the Vatican is technically a sovereign state.

An effort by Holocaust survivors to sue the Vatican Bank in the United States failed in 2009 when a U.S. court ruled that the Vatican Bank had "sovereign immunity" and was not subject to lawsuits filed in the United States.

A lawsuit against related entities is still in court.

The Vatican Bank was created by an order of the pope "to carry on activities that are for pious causes," according to expert testimony related to the Holocaust suit.

It accepts deposits only from top Catholic Church officials and entities, Settimio Caridi testified in U.S. District Court in 2006.

It uses its funds "for designated pious purposes" and is "an autonomous pious foundation," he said.

Caridi, a top Italian legal scholar, said the bank was an integral part of the Vatican, calling it a "central entity under the oversight of the Holy See."

It is ultimately overseen by a commission of five cardinals -- the top position in the Vatican hierarchy below the pope -- which is headed by the Vatican secretary of state.

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

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

Comments

Mon, 2017/02/27 - 6:54pm Re: Should the Vatican be immune to money laundering ... #466
FerdinandoManfrin's picture
Joined 2016-08-15
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This issue must be investigated properly because Vatican is holy place for Roman Catholic as per study through

custom essay writing blogs . This place must not get bad name because of some greedy people. If fraud is happening than there must be investigated and take proper action against it.

Wed, 2017/06/07 - 12:18pm Re: Should the Vatican be immune to money laundering ... #1917
angelamaria's picture
Joined 2016-08-08
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I have heard that Italian authorities are investigating the Vatican Bank over possible violations of money laundering regulations. I would like to know more news regarding this. Could you please provide it? Eagerly waiting for your updated post to know more. tablet pc wholesale

Fri, 2017/08/18 - 1:10pm Re: Should the Vatican be immune to money laundering ... #2859
wiliammm's picture
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Thu, 2018/02/15 - 3:07pm Re: Should the Vatican be immune to money laundering ... #5027
writingtips's picture
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It isn't absolutely clean how an awful lot prison authority Italian officials have over the Vatican financial institution because the Vatican is technically a sovereign country. https://www.dissertationking.co.uk/ An effort with the aid of Holocaust survivors to sue the Vatican financial institution inside the united states of America failed in 2009 whilst a U.S. courtroom dominated that the Vatican bank had "sovereign immunity" and changed into not subject to lawsuits filed in the US.

Tue, 2018/07/17 - 3:01am Re: Should the Vatican be immune to money laundering ... #6861
wq123's picture
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