Most Popular
1. Banking Crisis is Stocks Bull Market Buying Opportunity - Nadeem_Walayat
2.The Crypto Signal for the Precious Metals Market - P_Radomski_CFA
3. One Possible Outcome to a New World Order - Raymond_Matison
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
5. Apple AAPL Stock Trend and Earnings Analysis - Nadeem_Walayat
6.AI, Stocks, and Gold Stocks – Connected After All - P_Radomski_CFA
7.Stock Market CHEAT SHEET - - Nadeem_Walayat
8.US Debt Ceiling Crisis Smoke and Mirrors Circus - Nadeem_Walayat
9.Silver Price May Explode - Avi_Gilburt
10.More US Banks Could Collapse -- A Lot More- EWI
Last 7 days
Stock Market Volatility (VIX) - 25th Mar 24
Stock Market Investor Sentiment - 25th Mar 24
The Federal Reserve Didn't Do Anything But It Had Plenty to Say - 25th Mar 24
Stock Market Breadth - 24th Mar 24
Stock Market Margin Debt Indicator - 24th Mar 24
It’s Easy to Scream Stocks Bubble! - 24th Mar 24
Stocks: What to Make of All This Insider Selling- 24th Mar 24
Money Supply Continues To Fall, Economy Worsens – Investors Don’t Care - 24th Mar 24
Get an Edge in the Crypto Market with Order Flow - 24th Mar 24
US Presidential Election Cycle and Recessions - 18th Mar 24
US Recession Already Happened in 2022! - 18th Mar 24
AI can now remember everything you say - 18th Mar 24
Bitcoin Crypto Mania 2024 - MicroStrategy MSTR Blow off Top! - 14th Mar 24
Bitcoin Gravy Train Trend Forecast 2024 - 11th Mar 24
Gold and the Long-Term Inflation Cycle - 11th Mar 24
Fed’s Next Intertest Rate Move might not align with popular consensus - 11th Mar 24
Two Reasons The Fed Manipulates Interest Rates - 11th Mar 24
US Dollar Trend 2024 - 9th Mar 2024
The Bond Trade and Interest Rates - 9th Mar 2024
Investors Don’t Believe the Gold Rally, Still Prefer General Stocks - 9th Mar 2024
Paper Gold Vs. Real Gold: It's Important to Know the Difference - 9th Mar 2024
Stocks: What This "Record Extreme" Indicator May Be Signaling - 9th Mar 2024
My 3 Favorite Trade Setups - Elliott Wave Course - 9th Mar 2024
Bitcoin Crypto Bubble Mania! - 4th Mar 2024
US Interest Rates - When WIll the Fed Pivot - 1st Mar 2024
S&P Stock Market Real Earnings Yield - 29th Feb 2024
US Unemployment is a Fake Statistic - 29th Feb 2024
U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - 29th Feb 2024
What a Breakdown in Silver Mining Stocks! What an Opportunity! - 29th Feb 2024
Why AI will Soon become SA - Synthetic Intelligence - The Machine Learning Megatrend - 29th Feb 2024
Keep Calm and Carry on Buying Quantum AI Tech Stocks - 19th Feb 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

Director of the Vatican Bank being investigated for money laundering

Politics / Credit Crisis 2010 Sep 23, 2010 - 05:23 AM GMT

By: Pravda

Politics

Ettore Gotti Tedeschi, president of the Vatican Bank, known as the Vatican Institute for Religious Works (IOR), is being investigated by Italian courts for alleged money laundering. By order of Italian justice, the country's tax police seized 23 million euros, which were deposited in an account of the Credito Artigiano Bank S.P.A. (joint-stock company in Italian).


The seizure of 23 million euros was petitioned by a Rome tribunal investigating the omission of the IOR mandatory data concerning the identity of persons performing financial transactions. The IOR is not directly accused of laundering, but of having omitted the required data. Ettore Gotti Tedeschi is being investigated for data omissions of the Vatican Bank.

It is suspected by Italian justice that the Vatican Bank manages, through anonymous accounts, identified only with the acronym IOR, large sums in cash of dubious and obscure origin.

This is the first time that an initiative of this nature is executed against the IOR in Italy. Vatican spokesman, Federico Lombardi, declined to comment on the allegations.

The Vatican Bank, which manages the accounts of various religious orders and Catholic associations, is an institution of the Catholic Church that is not governed by the financial standards in force in Italy.

The Institute was involved in a political and financial scandal in the 80s, for the bankruptcy in 1982 of Banco Ambrosiano, of which the Vatican was a major shareholder for a debt of $3.5 billion and a fiscal hole of 1.4 billion dollars.

The IOR benefits from extraterritoriality since it is located within Vatican City, but the investigation at the request of the Procuracy of Justice of Rome could be opened on the basis of standards adopted in 2007, requiring banks to provide the identity of authors and the nature of transactions.

The penal action was based on data from the Financial Intelligence Unit (FIU) - linked to the Bank of Italy, the Central Bank of the country - which already arranged on the 15th of September the suspension for five days of two transactions considered suspicions, made by IOR into its account at the headquarters of the Roman bank, Credito Artigiano.

The initiative referred to the movement of 20 million euros, destined for the credit institution J.P. Morgan in Frankfurt, and another three million to Banca del Fucino, of Italy. In the account, 28 million euros was deposited next.

The alleged irregularities would be a violation of items 2 and 3 of Article 55 of Legislative Decree 231/2007, which obliges banks to disclose the identities of the subjects of the financial transactions and their objectives and nature.

The involvement of IOR in the investigation is not connected, however, to money laundering. It is connected to a series of omissions of those persons involved in the transactions and their effects, and are predicted in the legislation against this type of crime.

The amount of $52 million euros was seized by order of Judge Maria Teresa Covatta from a request by prosecutors of Italian Justice, Nello Rossi and Stefano Rocco Fava.

In a circular dated September 9, the Bank of Italy had given the credit institutes statements on relations with the IOR, considered an institution outside the Community, from outside the European Union.

Antonio Carlos Lacerda

Pravda.Ru
Brazil

Translated from the Portuguese version by:

Lisa Karpova

Pravda.ru

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

Pravda Archive

© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in