Day: June 26, 2021

Cleaned-Up Vatican Bank Works to Justify Its Existence

VATICAN CITY—The very long scandal-tainted Vatican bank has been overhauled about the past 10 years to ward off tax evaders and money launderers. Now it ought to convince reputable consumers, inside of the Vatican and out, that it has a thing to supply them.

This thirty day period, the bank arrived at the most up-to-date milestone in its very long march to respectability, when the European anti-money-laundering watchdog Moneyval gave it a mainly favorable evaluation, a considerably cry from its significant initial analysis in 2012. Moneyval said “all of the needed features are in place” now to avert money laundering at the bank.

In January, a former president of the bank and two associates were convicted in a Vatican courtroom of embezzlement and money laundering in link with a plan in which they manipulated product sales of the bank’s serious-estate assets for their own financial gain.

Jean-Baptiste de Franssu, president

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