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#1447222 - 09/23/10 02:03 PM Vatican Bank faces Money Laundering Probe
Lilly C Offline
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Lilly C
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Posts: 209
Sunny Florida
I'm probably the last to hear about this..but did everyone see the report by CNN stating the the Vatican Bank they are questioning the VB's over possible violations of money laundering regulations....Goes to show even the POPE gets looked at by the government!

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#1447266 - 09/23/10 02:45 PM Re: Vatican Bank faces Money Laundering Probe Lilly C
Adam Witmer Offline
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I had not seen that. Do you have any articles referencing this? Sounds like good informtion to use during a training session.
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#1447277 - 09/23/10 02:50 PM Re: Vatican Bank faces Money Laundering Probe Adam Witmer
Kathleen O. Blanchard Offline

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There are many articles. Do a search on Vatican Bank.
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#1447281 - 09/23/10 02:52 PM Re: Vatican Bank faces Money Laundering Probe Adam Witmer
Storm 1993 Offline
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Joined: Jul 2010
Posts: 3
NJ
I have an article:
http://www.nytimes.com/2010/09/22/world/europe/22vatican.html
Or just do a Google search on "Vatican Money Laundering"!

Quite a few come up!

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#1447332 - 09/23/10 03:27 PM Re: Vatican Bank faces Money Laundering Probe Storm 1993
OldTeller Offline
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I know I keep saying this, but I have http://www.risklists.com/News.html set as my home page. It's good just to read the articles there from time to time, and it's free. I call it 'typology research'. The vatican thing has been up there for days, and if you watch it, you see all the 'updates'. The site has been slow for a while, but it's a decent free resource.

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#1447349 - 09/23/10 03:38 PM Re: Vatican Bank faces Money Laundering Probe OldTeller
Lilly C Offline
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Lilly C
Joined: Dec 2004
Posts: 209
Sunny Florida
this is the article that got me started reading about the banking practices of the Vatican Bank. ( I know, I know I need a life:)
http://www.cnn.com/2010/WORLD/europe/09/21/vatican.bank.investigation/index.html
http://www.cnn.com/2010/WORLD/europe/09/21/vatican.bank.investigation/index.html

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#1447358 - 09/23/10 03:44 PM Re: Vatican Bank faces Money Laundering Probe Lilly C
Lilly C Offline
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Lilly C
Joined: Dec 2004
Posts: 209
Sunny Florida
thanks for the link Oldteller. that's a good site that I will be checking regularly

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#1447368 - 09/23/10 04:00 PM Re: Vatican Bank faces Money Laundering Probe Lilly C
OldTeller Offline
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The list search feature on there is pretty good too in an absolute pinch, or if you're a really small FI and don't have other list searching software. The other search features are really slow though sometimes.
Last edited by OldTeller; 09/23/10 04:00 PM.
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#1448658 - 09/27/10 04:31 PM Re: Vatican Bank faces Money Laundering Probe OldTeller
AllSmiles Offline
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Posts: 290
Mayhem
Thanks for the link Old Teller!
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#1448684 - 09/27/10 05:05 PM Re: Vatican Bank faces Money Laundering Probe AllSmiles
Hrothgar Geiger Offline
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Posts: 10,395
Jersey Shore
As far as I've been able to tell, the root of this particular issue (and there are plenty of other issues with the IOR) is that the bank 1) did not supply required originating party information on its wires to an Italian bank, as required under EU law, 2)further declined to supply them to the Italian bank when asked. The Italian bank then escalated the case to its regulator.

Now, the Vatican isn't a member of the EU, but the Italian bank is covered under the EU law. Everything they did seems appropriate under that law.

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#1448686 - 09/27/10 05:10 PM Re: Vatican Bank faces Money Laundering Probe Hrothgar Geiger
OldTeller Offline
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Posts: 159
Of course they didn't...it's the Vatican....There's probably a good reason they didn't provide information on those wires....I don't even want to think about how many red flags their accounts would generate....collecting small bits of cash from lots of places....pooling it....wiring it....yawn. Dodgy...very, very dodgy.

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#1448691 - 09/27/10 05:15 PM Re: Vatican Bank faces Money Laundering Probe OldTeller
OldTeller Offline
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Posts: 159
Here was the latest update from risklists:

http://www.cnn.com/2010/WORLD/europe/09/27/vatican.bank.pope/index.html?eref=rss_latest&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fcnn_latest+%28RSS%3A+Most+Recent%29


"Pope Benedict XVI personally told the director of the Vatican Bank that he trusted him and appreciates the work he is doing, the Vatican said Monday, after Italian authorities launched a money-laundering investigation into the bank."

Ya...I'm not going to read into that....

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