1. The Vatican Bank Faces Accusations of Money Laundering
... is in Germany. Because of these allegations, an Italian court has frozen $30 million in Vatican funds (Rocca). Ten other banks are under investigation for having their fiscal residence in Italy but using the IOR as a shield to hide different dealings, such as tax or fraud evasion (The Straits Times). The investigation began after two suspicious transfers from an IOR account ... have been clarified with great simplicity." Furthermore, he believes that, because of the IOR's location in Vatican City, the IOR is "beyond the jurisdiction and surveillance" of the Bank of Italy rendering the a...
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