The following are some updates regarding the recent Vatican Bank [Institute for Works of Religion (IOR)] probe...
* The bank's president, Ettore Gotti Tedeschi, is reportedly "deeply humiliated" to be the subject of a money laundering investigation. He says nothing is hidden and there's 'nothing to hide'
* There is some talk of Italian prosecutors 'unfreezing' seized funds during the investigation "if the institute reveals who the cash was intended for"
* A recent Guardian article indicates that "Italian investigators are trying to identify 'numerous individuals' who appear to have received more than €2m (£1.7m) through an account at the Vatican bank"
* The matter reportedly involved "an error in procedure [that] is being used as an excuse to attack the IOR, its president and in general the Vatican." It was also described as a "misunderstanding" that "could have been clarified with great simplicity." The transactions were reportedly "perfectly normal." The above referenced Guardian article, however, references "Extracts from the judge's warrant that blocked the transfers...[which] suggest there is more to the affair than a simple misunderstanding or oversight, though not necessarily anything that indicates Vatican wrongdoing." It also notes "three substantial deposits of between €22m (£18.7m) and €25m (£21.2m) that appeared to come from the closure of other IOR accounts" which "had ostensibly been closed by 'withdrawal using counter forms', so presumably in cash" and references a five day wait "for an explanation from the IOR before going public"
* Rome's mayor expressed "solidarity" with the bank's president and L'Osservatore noted his "integrity" that is "well known in Italian and international finance circles." The director of the Holy See Press office also issued a letter to "clarify matters in order to avoid the spread of inaccurate information and to ensure that no damage is caused to the activities of the Institute or the good name of its managers." The letter also reiterated the Holy See's "complete confidence in the managers of the IOR, and its desire for complete transparency in the financial operations the Institute undertakes, in accordance with the procedures and norms required today to ensure the security and transparency of transactions in the field of international finance"
* The bank has reportedly been working to conform to new regional norms and has also been working to get on a "white list" of banks that cooperate with international norms
[9/23]
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