Posts Tagged ‘Money laundering’

Vatican financial watchdog finds ‘suspicious transactions’ Comments 0

Friday, May 24th, 2013

The new Vatican financial watchdog set up to prevent money-laundering says it uncovered six “suspicious transactions” last year, one involving the Vatican Bank. Two of those cases were forwarded to Vatican prosecutors for further investigation, and the other four may still warrant more formal probes, the Financial Information Agency said in its first annual report. Read more

Pope probes Vati-leaks: criminal repercussions threatend Comments 3

Tuesday, March 20th, 2012

Distressed by disloyalty, Pope Benedict has set up a special commission to investigate what has been popularly dubbed “Vati-leaks”. The establishment of the commission coincides with the Vatican’s launch of an internal criminal investigation into leaked personal confidential and financial documents which have exposed power stuggles inside the organisation. Monsignor Angelo Becciu, undersecretary in the Read more

Vatican seeks to explain U.S. money-laundering tag Comments 0

Tuesday, March 13th, 2012

The Vatican on Friday sought to explain its presence for the first time on a U.S. list of countries that are a potential hub for money laundering, saying it was only natural to be included given its recent efforts to conform to international standards. The U.S. State Department this week released its International Narcotics Control Read more

U.S. adds Vatican to money-laundering ‘concern’ list Comments 0

Tuesday, March 13th, 2012

The Vatican has for the first time appeared on the U.S. State Department’s list of money-laundering centres but the tiny city-state is not rated as a high-risk country.

The 2012 International Narcotics Control Strategy Report was made public on Wednesday and Washington’s list of 190 countries classifies them in three categories: of primary concern, of concern and monitored.

The Vatican is in the second category, grouped with 67 other nations including Poland, Egypt, Ireland, Hungary and Chile.

It was added to the list because it was considered vulnerable to money-laundering and had recently established programmes to prevent it, a State Department official said.

“To be considered a jurisdiction of concern merely indicates that there is a vulnerability to a financial system by money launderers. With the large volumes of international currency that goes through the Holy See, it is a system that makes it vulnerable as a potential money-laundering center,” Susan Pittman of the State Department’s Bureau of International Narcotics and Law Enforcement, told Reuters.

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Vatican gets is €23 million back Comments 0

Friday, June 3rd, 2011

Italian prosecutors have ordered the release of €23 million (NZ$41 million) seized from a Vatican Bank account in a money-laundering probe. The Vatican welcomed the move and said the funds were ordered returned after the Holy See issued new anti-money laundering and anti-terror financing laws to conform with EU and international norms, the Washington Post Read more

Vatican: Prison for money laundering and financing terrorism Comments 0

Friday, March 25th, 2011

Starting April 1, the Vatican’s penalty for money laundering and financing terrorism is prison. Having disappeared from canon law some time back, the penalty of prison was reintroduced last December 30. It will come into effect on April 1. Along with the prison sentence, there are a raft of new regulations to govern the Vatican Bank, Read more