1. The Vatican Bank Faces Accusations of Money Laundering
... accounts in an Italian bank to two other banks, one of which 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 were detected, one for twenty million euros to a German branch of an American bank and one for 3 million euros to an Italian bank (News ... .gather.com...
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