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Tuesday, September 21, 2010

Vatican Bank Facing Money Laundering Probe

Vatican Bank Facing Money Laundering Probe
VATICAN CITY — Italian authorities seized euro23 million ($30 million) from a Vatican bank account Tuesday and said they have begun investigating top officials of the Vatican bank in connection with a money-laundering probe.
The Vatican said it was "perplexed and surprised" by the investigation.
Italian financial police seized the money as a precaution and prosecutors placed the Vatican bank's chairman and director general under investigation for alleged mistakes linked to violations of Italy's anti-laundering laws, news reports said.
The investigation is not the first trouble for the bank – formally known as the Institute for Works of Religion. In the 1980s, it was involved in a major scandal that resulted in a banker, dubbed "God's Banker" because of his close ties to the Vatican, being found hanging from Blackfriars Bridge in London.

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