Money laundering scandal rocks Vatican Bank

[unhappycamper]

Money laundering scandal rocks Vatican Bank
By The Associated Press
Sunday, December 12th, 2010 -- 6:10 pm

VATICAN CITY – This is no ordinary bank: The ATMs are in Latin. Priests use a private entrance. A life-size portrait of Pope Benedict XVI hangs on the wall.

Nevertheless, the Institute for Religious Works is a bank, and it's under harsh new scrutiny in a case involving money-laundering allegations that led police to seize euro23 million ($30 million) in Vatican assets in September. Critics say the case shows that the "Vatican Bank" has never shed its penchant for secrecy and scandal.

The Vatican calls the seizure of assets a "misunderstanding" and expresses optimism it will be quickly cleared up. But court documents show that prosecutors say the Vatican Bank deliberately flouted anti-laundering laws "with the aim of hiding the ownership, destination and origin of the capital." The documents also reveal investigators' suspicions that clergy may have acted as fronts for corrupt businessmen and Mafia.

The documents pinpoint two transactions that have not been reported: one in 2009 involving the use of a false name, and another in 2010 in which the Vatican Bank withdrew euro650,000 ($860,000) from an Italian bank account but ignored bank requests to disclose where the money was headed.

The new allegations of financial impropriety could not come at a worse time for the Vatican, already hit by revelations that it sheltered pedophile priests. The corruption probe has given new hope to Holocaust survivors who tried unsuccessfully to sue in the United States, alleging that Nazi loot was stored in the Vatican Bank.

[xchrom]

1. Recommend

[PuraVidaDreamin]

2. It must be nice

to be holier than thou

[unhappycamper]

5. Hey!!1!

:hi:

[PuraVidaDreamin]

6. How about them Pats?

:loveya:

[unhappycamper]

7. It was a pretty good game.

I'd say Belicheck (sp?) is getting them ready for another few Stupor Bowls.

[Democracyinkind]

3. Same story as every year. The Italian system is corrupt to its core.

From P2 to P3, The Vatican Bank has been the prime bankroller of Italian postmodern Fascism. Face it, Italy is a third world country run by a gang of criminals. Not the kind of white-collar, never-indicted criminals that run the US, but rather Salo-like criminals for whom the second world war never ended.

If mankind was ever to free itself from the Racket operated out of the Vatican State we'd have made a huge step.

[fasttense]

4. From pedophilia to money laundering.

the Vatican sounds more like the Mafia than a religious organization.

"The documents also reveal investigators' suspicions that clergy may have acted as fronts for corrupt businessmen and Mafia."

Well no wonder.

[saigon68]

10. Thugs in Dresses

[progressoid]

8. Hey, indulgences aren't cheap ya know.

[TlalocW]

9. Gotta hide their assets

Otherwise a victim of a pedophile priest might sue for more than they're willing to pay.

TlalocW

[malaise]

11. The oldest multinational corporation

is one criminal enterprise.

[OneGrassRoot]

12. +1000 n/t