Posts Tagged ‘Money laundering’

Moneyval upgrades Vatican’s money laundering status

Thursday, May 12th, 2022

The Council of Europe’s anti-money laundering inspectorate, Moneyval, has ended more than a decade of special measures and inspections over Vatican institutions, upgrading the Holy See to the watchdog’s ordinary process of assessments and evaluation to “regular” status. The move comes after Moneyval offered a broadly positive assessment of financial security progress made at the Read more

Vatican police arrest Italian in investigation of London real estate deal

Monday, June 8th, 2020

Vatican police on Friday arrested Gianluigi Torzi, an Italian middleman who was part of a controversial deal in which the Vatican used Church money to purchase a luxury building in London as an investment. Torzi, who was arrested after questioning by Vatican magistrates, was accused of extortion, embezzlement, aggravated fraud and money laundering, the Vatican Read more

$1.3B laundered through NZ each year

Thursday, November 28th, 2019

New Zealand is awash with dirty money but how much is anyone’s guess. A new report by the New Zealand Police Financial Intelligence Unit (FIU) estimates domestic criminal activity is generating $1.35 billion for money laundering each year. Most of it comes from drug offending ($750m), fraud ($500m) and other offences such as burglary ($100m). Read more

Money laundering: Worth more than $1 billion in NZ every year

Monday, March 19th, 2018

Overseas criminals seeking to mask their illicit funds are laundering an estimated $1.35 billion at least through New Zealand each year, according to the boss of the New Zealand Police’s Financial Intelligence Unit (FIU). Continue reading

Top Vatican bank staff embezzled €50 million

Monday, March 5th, 2018

Accusations of embezzling and laundering €50 million have resulted in a former Vatican bank president and his lawyer being ordered to stand trial. The Vatican says the bank’s former president, Angelo Caloia, is the highest-ranking Holy See financial official to be indicted on such charges. Seventy-eight year-old Coloia, along with his lawyer, 94 year-old Gabriele Liuzzo, Read more

Vatican prosecutor: money laundering investigation needed

Monday, December 11th, 2017

The Vatican prosecutor is being urged to investigate all cases of money laundering and terrorist financing. Moneyval, which is the Council of Europe’s monitoring body, also says the prosecutor should be more “proactive” in other financial crimes. These include corruption, embezzlement and abuse of office. Furthermore, Moneyval says the prosecutor should “actively consider appealing sentences Read more

Vatican froze two million euros in 2016

Monday, February 20th, 2017

The Vatican froze two million euros last year. Its aim was to prevent the Vatican state being used as a cover for corruption and money laundering. The Vatican has enacted a number of provisions to clean up its finances and make them more transparent in recent years. This has been especially the case since Pope Read more

Vatican bank turns a €23m corner

Tuesday, November 25th, 2014

The return of €23m to the Vatican Bank marks a turning point in being accepted again by Italy’s banks. After blocking the funds in a 2010 money laundering investigation, an Italian bank returned the money last week. The Vatican Bank, whose official name is “Institute for Works of Religion” (IOR), said in a statement, the return of Read more

Fall of the Vice-Pope

Friday, June 20th, 2014

A photograph taken in Argentina in 2007 shows two cardinals, Jorge Mario Bergoglio and Tarcisio Bertone, sitting side by side, although their chairs are on two different levels. At the time, Bertone was the Vatican’s Secretary of State, having traveled to a village in northern Patagonia “in the name of His Holiness Benedict XVI” to Read more

Vatican City cracks down on suspicious transactions

Friday, October 11th, 2013

The Vatican City State has adopted a new law cracking down on financial transactions that could enable money-laundering and imposing a new level of transparency and supervision. The Holy See Press Office said the new norm, Law XVIII, “strengthens the current internal system for the prevention and countering of money laundering and the financing of Read more