Planet Awakening

Oct 02 2013

Vatican Bank To Shut All Embassy Accounts To Halt Money Laundering



Submitted by Tyler Durden on 09/30/2013 19:15 -0400

http://www.zerohedge.com/news/2013-09-30/vatican-bank-shut-all-embassy-accounts-halt-money-laundering

Followng Pope Francis’ demand that the Vatican Bank review its procedures,Reuters reports that the bank is likely to close all accounts held by foreign embassies, following concerns about large cash deposits and withdrawals by the missions of Iran, Iraq and Indonesia, according to people with knowledge of the situation. The private bank IOR has around EUR7.1 billion in assets but is concerned it could be “an unwitting vehicle for money launderingand other illicit finances.”
Via Trust.org,
The Vatican bank is likely to close all accounts held by foreign embassies, following concerns about large cash deposits and withdrawals by the missions of Iran, Iraq and Indonesia,according to people with knowledge of the situation.
The Vatican’s financial watchdog, which examined the transactions in 2011, believed the embassies’ justifications for the transactions were too vague or disproportionate to the amounts — up to 500,000 euros at a time — these people said. In one case, a large cash withdrawal was said to be for “refurbishment”, one person added.
Now the bank and the watchdog want to reduce the possibility that the Institute for Religious Works (IOR), as the bank is called, could be an unwitting vehicle for money laundering and other illicit finances.
Four people with knowledge of the matter said the closure of the accounts was likely to be a key recommendation of a broad review that Pope Francis has ordered of the bank, whose scandal-tainted history has long been an embarrassment for the Holy See.
…
The IOR is a private bank – currently with about 7.1 billion euros in assets under management – whose stated goal is to hold and manage funds for religious orders of priests and nuns, Catholic charities, Vatican employees, and other Catholic institutions. But the number of account holders has swelled to 19,000 over the years and diversified beyond the original categories with the right to hold accounts.
…
The bank is also coming clean on possible illicit financial activities. The Vatican has said it detected six possible attempts to use the IOR to launder money last year, and at least seven in the first half of this year. In one case, a prelate who had close ties to the IOR was arrested in June on suspicion of plotting to smuggle 20 million euros in cash into Italy from Switzerland to give to rich friends in southern Italy. The prelate, who will be tried in December, says he was not acting for personal gain.

Written by awakenedanonymous · Categorized: Pope Francis, Vatican

Aug 22 2013

Pope steps up financial controls at Vatican

By Jean-Louis de la Vaissiere | AFP News
Pope Francis intensified the fight against corruption in the Vatican on Thursday, strengthening the law to counter “money laundering, the financing of terrorism and the proliferation of weapons of mass destruction.”

The short “Motu Proprio”, a decree of Francis’s own initiative, strengthens the supervision of financial transactions “in response to a recommendation of the Moneyval Committee,” the European watchdog which carried out a review of the Vatican bank last year.

It includes the creation of a new Financial Security Committee to help increase vigilance and coordinate efforts in countering corruption.

It also extends laws which previously only applied to the tiny state to the “institutes and entities dependent on the Holy See, as well as to nonprofit organisations” — such as the Caritas International humanitarian organisation.

The decree is just the latest in a series of bold moves on the part of the pontiff to clean up the institution’s murky financial image.

“It is a means of ensuring the road (towards transparency) continues,” Vatican spokesman Federico Lombardi said in a press conference.

“In today’s world, it is all about resisting increasingly insidious forms of financial criminality. We have to be equal to the challenges in order to protect legality, and not be left behind,” he said.
The Vatican is attempting to reform its finances to get onto a “white list” of states that respect international fraud rules.


What has been hailed as a potential revolution by many religious watchers began with the appointment mid-June of one of the pope’s trusted allies to oversee management of the Institute for Religious Works (IOR) — as the bank is known.

The 76-year-old pontiff followed this by installing a special five-member commission tasked with investigating the bank and reporting their findings directly back to him personally.

The commission’s first report is expected in October, and may spark wider reforms of the murky institute.

A US consultancy firm, Promontory Financial Group, has also been tasked with conducting an external review of the bank’s rules on money laundering.

The IOR, which does not lend money, handles funds for Vatican departments, Catholic charities and congregations as well as priests and nuns living and working around the world, and has a troubled history.

It was the main shareholder of the Banco Ambrosiano, which collapsed in 1982 amid accusations of laundering money for the Sicilian mafia.

The chairman of Banco Ambrosiano, Roberto Calvi — dubbed “God’s Banker” in the press — was found hanging from Blackfriars Bridge in London that year in a suspected murder by mobsters.
Francis, and Benedict XVI before him, moved to act after a string of scandals and reports in Italian media about anonymous accounts at the bank being used by organised crime figures and fraudsters.

Source: http://ph.news.yahoo.com/pope-steps-financial-controls-vatican-115202768.html

Written by awakenedanonymous · Categorized: Pope Francis

Aug 09 2013

The Pope establishes the Financial Security Committee

2013-08-09 L’Osservatore Romano

Pope Francis has issued, on Thursday, 8 August, a Motu Proprio for the prevention and countering of  money laundering, the financing of terrorism and the proliferation of weapons of mass destruction. Pursuant to the steps already taken by Benedict XVI in this area with the Motu Proprio of 30 December 2010 for preventing and countering illegal activities in the areas of finance and currency, today’s Motu Proprio reaffirms the Holy See’s commitment to the goal of preventing and countering money laundering, the financing of terrorism and the proliferation of weapons of mass destruction.

In particular, the present Motu Proprio broadens the application of the relevant Vatican laws to the Dicasteries of the Roman Curia and to other institutes and entities dependent on the Holy See, as well as to non-profit organizations enjoying juridical personality in canon law and based in the Vatican City State. It also strengthens the supervisory and regulatory function of the Financial Information Authority.

The Motu Proprio establishes the function of prudential supervision over entities habitually engaged in financial activities, in response to a recommendation of the MONEYVAL Committee of the Council of Europe, and assigns that function to the Financial Information Authority. It establishes the Financial Security Committee, whose Statutes are appended to the Motu Proprio, for the purpose of coordinating the competent authorities of the Holy See and the Vatican City State in the area of prevention and countering of money laundering, the financing of terrorism and the proliferation of weapons of mass destruction.

The text of the Motu Proprio and of the Statutes of the  Financial Security Committee are available on the Holy See website.

Source: http://www.news.va/en/news/the-pope-establishes-the-financial-security-commit

Written by awakenedanonymous · Categorized: Pope Francis

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