Home » International Politics » Vatican Bank To Shut All Embassy Accounts To Halt Money Laundering

Vatican Bank To Shut All Embassy Accounts To Halt Money Laundering

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Pope Francis seems to me to be a true leader of the St. Peters church. Is this one of the long time corruption going on in the church or does he (pope) forsee it?? More questions than the answers..

sentinelblog

Following Pope Francis’ demand that the Vatican Bank review its procedures, Reuters reports that the bank is likely to close all accounts held by foreign embassies, following concerns about large cash deposits and withdrawals by the missions of Iran, Iraq and Indonesia, according to people with knowledge of the situation. The private bank IOR has around EUR7.1 billion in assets but is concerned it could be “an unwitting vehicle for money laundering and other illicit finances.”

Via Trust.org,

The Vatican bank is likely to close all accounts held by foreign embassies, following concerns about large cash deposits and withdrawals by the missions of Iran, Iraq and Indonesia, according to people with knowledge of the situation.

 

The Vatican’s financial watchdog, which examined the transactions in 2011, believed the embassies’ justifications for the transactions were too vague or disproportionate to…

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