1. The Vatican Bank Faces Accusations of Money Laundering
... 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 countries that comply with international banking standards. Spokesman Father Federico Lombardi issued a letter claiming, "The current problem was caused by a misunderstanding - now being examined - between the IOR and the ba...
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