VATICAN STILL FACES WORK TO REDUCE ITS AML EXPOSURE
November 1st, 2017
WHILE the Vatican City State and Holy See’s acceptance that their financial institutions could be exploited by money launderers is far more realistic than the denials of 10 years ago, a much-anticipated Italian court ruling has shown much work is needed to clear dirty money from these hallowed accounts.
This January (2017) a Rome court (the Tribunale di Roma) convicted two former managers of the Institute for Religious Works (IOR), widely known as the Vatican Bank, of minor violations of Italy’s anti-money laundering regulations (Italian decree n. 231/2007). ...
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