Vatican Bank Involved in Suspicious Transaction

Gazzetta Del Sud
May 22, 2013

http://www.gazzettadelsud.it/news/english/47465/Vatican-Bank-involved-in-suspicious-transaction.html


One of six under review at Holy See

(see related) Vatican City, May 22 - The Vatican Bank was involved in one of the six transactions flagged by the Holy See's financial watchdog last year, the director of the Financial Information Authority (AIF) said Wednesday . Commenting on an annual report, Rene' Bruelhart did not specify on the contents of the transaction, beyond that it was not tied to terrorism. The Holy See has been trying without success to join the 'white list' of states that meet international standards on combating money laundering and the financing of terrorism. In a report last July, the Council of Europe's Moneyval department said that the Holy See had made progress on financial transparency, but added that more reforms were needed. Established by Benedict XVI in 2010, the AIF is charged with monitoring the commercial and monetary activities of Vatican agencies, such as the Governorate of Vatican City State and the Vatican Bank, also known as the Institute for Religious Works (IOR). Over the years the Vatican Bank has acquired a murky image on transparency. Bruelhart said a "deep screening process" was "in the works" to identify all of its clients. "In the coming months we will have the results," he said. Other efforts to make IOR more transparent include a move to publish its balance sheets online by the end of the year.