VATICAN CITY
Vatican Insider
The IOR is closing down all accounts belonging to account holders who do not fit one of five categories of people and institutions which the Vatican bank is allowed to have as clients
VATICAN INSIDER STAFF
ROME
The Institute for the Works of Religion (IOR) is continuing the process of closing down the accounts of lay account holders, who do not fit into any of the five categories of clients the Vatican bank is legally allowed to have. The process, which began last July, is proceeding as scheduled and has not yet concluded. This is partly because not all of the letters sent to clients who are no longer allowed to have any relationship with the IOR (over a thousand of them) specify the same deadline for the closure of each respective bank account, ANSA reports.
“In July 2013, the IOR updated its policy in relation to the categories of clients which the Vatican bank can offer its services to. These categories are: Catholic institutions, clergy, employees or former employees of the Vatican with salary and pension accounts, embassies and diplomats accredited to the Holy See,” an IOR spokesman told ANSA. This was a joint decision of the IOR’s supervisory board and the Commission of Cardinals and was published on the IOR website on 31 July. “Relations with clients that do not fit one of these categories, will cease,” the IOR informed.
The account closing down process “must not be confused with the interruption or suspension of relations with clients suspected of violating the anti-money laundering laws in place. This responsibility lies with the Vatican authorities that have been tasked with enforcing the law and supervision.”
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