1. The Vatican Bank Faces Accusations of Money Laundering
The Vatican Bank, also known as the Institute for Religious Works, has been charged with violating Italian law after attempting to transfer funds from one of its 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 accou...
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