VATICAN CITY
GMA News (Philippines)
By PHILIP PULLELLA, Reuters
November 19, 2014
VATICAN CITY – An Italian bank has returned to the Vatican 23 million euros ($28.8 million) that was blocked in a 2010 money laundering investigation, the Vatican bank said on Tuesday, in a sign that the Holy See’s efforts to make its finances more transparent are paying off.
The Vatican bank, whose official name is Institute for Works of Religion (IOR), said in a statement that the move was “a consequence of the introduction of a fully-fledged anti-money laundering and supervisory system”.
A Vatican bank spokesman said the IOR hoped it would mark a turning point and put the IOR on a new footing in relations with Italian financial institutions. The IOR, which was founded in 1942, has been plagued by financial scandals over the decades.
The Bank of Italy did not immediately respond to a request for comment.
In 2010, as part of a global effort to halt illicit financing, the Bank of Italy ordered Italian banks to improve their anti-money laundering efforts. As part of their response, Italian financial institutions curtailed their dealings with the IOR, waiting for it to improve standards.
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