Vatican Bank accused of money laundering again; ignored requests to disclose recipient of €650,000 withdrawal

Money laundering allegations against the Institute for Religious Works, or the "Vatican Bank," has led to the police seizing €650,000 (around P37.5 million) in assets in September, reports the AP. The Vatican called this a "misunderstanding," according to the report.

Citing court documents, the AP reports that investigators suspect "that clergy may have acted as fronts for corrupt businessmen and Mafia." The documents also show unreported transactions including the use of a false name in 2009. This year, the Vatican Bank supposedly ignored requests to divulge where the €650,000 they withdrew from an Italian bank was headed.

Among the latest scandals that have rocked the bank is the money laundering case alleged by the Sicily financial police in October, reports the AP. The father of a priest based in Rome supposedly sent illegally obtained €250,000 (about P14 million) to his son as a "charitable donation." The money was allegedly sent back to Sicily using a Vatican Bank account.

Founded in 1942, the Vatican Bank was established to manage assets for religious or charitable works.

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