September 24, 2010
Vatican Account Frozen for Money-Laundering
The bank acount for the Institute for Religious Works (Vatican Bank) at the Credito Artigiano SpA was frozen on April 18 due to suspicion of money laundering. The Vatican had refused to provide data on its client relationships as required by the Bank of Italy and European money-laundering laws.
Vatican Bank executive Gotti Tedeschi, is under investigation by Rome magistrates. Tedeschi is an adviser to Italian Finance Minister Giulio Tremonti and teaches financial ethics at Milan’s Catholic University.
The Vatican Bank is one of the wealthiest and is by far the most secretive banks in the world. Its long history of criminal activity includes not only money laundering for the mafia and CIA but also gross securities fraud and counterfeiting. Because no one but the Pope can probe the bank's records, it is a perfect vehicle for illicit activity and will continue to be used for money laundering and other illegal activities.
For more information on the Vatican Bank:
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