Friday, December 31, 2010

The Vatican Gets Religion on FinReg

. Friday, December 31, 2010

Or is this "IPE Everywhere: Even in the Church"? Passed along without comment, although Alex might have more to say:

The Vatican Bank will adapt to meet international standards on money-laundering and other illegal activities, Pope Benedict XVI decreed Thursday, after some of the bank's assets were ordered frozen in Italy. ...

Italian prosecutors in September froze Vatican Bank transactions for the first time after the bank failed to provide all the information required under Italian anti-money laundering rules. ...

Thursday's decree sees the Vatican adopting four new laws to bring its bank and other financial institutions up to international standards. The Vatican has been working on the laws with the European Union and European Central Bank. ...

The Vatican Bank is "the most secret bank in the world," according to Jeffrey Robinson, who wrote "The Laundrymen," a book about money laundering worldwide. The Vatican's sources of income include its vast real estate holdings, and there is no way to find out how much money the bank controls, Robinson said. ...

The Vatican Bank is subject to particularly stringent anti-money-laundering regulations because Italian law does not consider it to be operating within the European Union.

It must supply more detailed information about transactions than European Union banks have to give.

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The Vatican Gets Religion on FinReg
 
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