Vatican Bank In Money Laundering Scheme
The Vatican has stated that it is “perplexed and baffled” by the actions of the public prosecutor and that they aim for complete transparency in all their financial operations.
But money laundering expert Jeffrey Robinson, author of “The Laundrymen” stated on Tuesday that the Vatican Bank is “the most secret bank in the world,” and also that there is no way to know just how much money it controls with its vast real estate holdings and many other avenues of income.
The investigation was instigated by two large wire transfers, one for 20 Million Euros and the other for 3 Million. The Vatican Bank did not provide enough information about the transfers to comply with the legislation and the Bank Of Italy had no option but to suspend the transfers.
Italian Media has reported that 30 million Euros has been seized over the affair.
The level of legal authority Italian Officials have over the Vatican bank is unclear as the Vatican is technically a sovereign state.
There have been efforts in the past to sue the bank in which it was ruled that they had “sovereign immunity” and was not subject to lawsuits filed in the United States. A lawsuit against related entities is still in court.
This will no doubt be a complex, lengthy and technical case with millions in wasted legal fees.
That is millions less that could be spent on worthy catholic causes (as if the vatican would anyway!)