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PDF versionVatican Bank president 'humiliated' by probe
by John L Allen Jr on Sep. 22, 2010
The president of the Vatican Bank has declared himself “humiliated” to be the object of a money laundering probe, while the mayor of Rome has expressed “solidarity” for Vatican Bank officials and “perplexity” about the investigation revealed yesterday.
“Since I was nonimated to the presidency of the Institute for the Works of Religion, I have worked, together with the director general, Paolo Cipriani, to resolve the problems for which today I’m being investigated,” Ettore Gotti Tedeschi told reporters yesterday.
The Institute for the Works of Religion (IOR) is the formal name of the Vatican Bank.
“I feely deeply humiliated for what’s happening, and I don’t intend to add anything else,” Gotti Tedeschi said to the Italian news agency ADNKRONOS.
Roman authorities announced yesterday that some $30 million in funds belonging to the Vatican Bank have been frozen and that both Gotti Tedeschi and Cipriani are under investigation for allegedly violating European Union norms on combatting money laundering. The probe began when the Bank of Italy signalled two suspicious transactions in which the source of funds was not identified in keeping with EU protocols.
The $30 million was deposited by the Vatican Bank in another Italian institution, Credito Artigiano. The transactions involved transfers to two other banks, JP Morgan in Frankfurt and the Banca del Fucino.
Authorities stress the moves do not mean that the Vatican Bank is necessarily guilty of money laundering, merely that the proper disclosures were not made at the time of the transfers. That ommission, according to a 2007 Italian law that applies the EU norms, carries a penalty of six months to a year in jail and a fine of U.S. $670 to $6,700. A related offense carries a penalty of six months to three years and a fine of $6,700 to $67,000.
This is the first time since an Italian court recognized authority over the IOR in 2003 that the Vatican Bank or its directors have been investigated for alleged violations of Italian banking laws.
Yesterday the Vatican released a statement from the Secretariat of State expressing “perplexity and astonishment” over the investigation, insisting that the Vatican Bank has for some time been working towards meeting transparency standards of international financial organizations.
The statement also expressed “full confidence” in the bank’s leadership.
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Also yesterday, the mayor of Rome, Gianni Alemanno, expressed his “personal solidarity” with Gotti Tedeschi, saying “I know his seriousness and professional anf institutional correctness.” Alemanno expressed hope that the situation “will be clarified as quickly as possible.”
During the 1970s and 80s, the Vatican Bank was rocked by a series of scandals under American Archbishop Paul Marcinkus. Though it never acknowledged guilt, the bank paid out more than $240 million to creditors to settle claims.
WHICH money laundering scheme
WHICH money laundering scheme are they investigating now?
http://www.alternet.org/story/140435/the_vatican%27s_dirty_secrets:_brib...
http://www.vaticanbankclaims.com/vatpr.html
http://www.timesonline.co.uk/tol/news/world/europe/article6946507.ece
http://blog.foreignpolicy.com/posts/2010/09/21/vatican_bank_investigated...
http://www.straitstimes.com/BreakingNews/Money/Story/STIStory_533955.html
Considering the way THE CHURCH has handled the vow of CHASTITY, should we really be surprised with how they're handling the vow of POVERTY? But by all means, do hang the AMERICAN NUNS out to dry over the vow of OBEDIENCE!
Letter, published by the
Letter, published by the Financial Times
Vatican stands by its IOR execs
Published: September 22 2010 19:38
From Fr Federico Lombardi.
Sir, The Institute of Religious Works (IOR) has returned to international media attention in the wake of a surprise investigation by the Procurator’s Office in Rome (“Vatican bankers in laundering inquiry”, September 22).
Given that the activities of the IOR take place at an international level, and that its president is well-known in the world of international finance, it is appropriate that I should seek to avoid the spread of inaccurate information and to ensure that no damage is caused to the institute or the good name of its managers.
The IOR is not a bank in the normal definition of the term. It is an institute that administers the assets of Catholic institutions, who aim to further a religious and charitable apostolate at an international level. The IOR is located within the territory of Vatican City State, beyond the jurisdiction and surveillance of various national banks.
Its particular status means that its position in the system and the regulations of international finance require a series of agreements to establish the procedures necessary for the Holy See to be included in the Organisation for Economic Co-operation and Development’s “white list” – this is especially true in light of the new norms laid down by the European Union to combat terrorism and money laundering.
From the day of his appointment as president, and in accordance with the mandate he received from the highest Vatican authorities and from the IOR inspection committee, Ettore Gotti Tedeschi has been working with great commitment to ensure the absolute transparency of the IOR’s activities, and its compliance for the norms and procedures which will allow the Holy See to be included in the white list. To this end, intense and fruitful contacts are ongoing with the Bank of Italy, the EU and with the competent international bodies: the OECD and Gafi (or Financial Action Task Force).
It is for this reason that the Vatican Secretariat of State expressed its perplexity and amazement at this investigation by the Procurator’s Office in Rome, which has come at a time in which this commitment is being clearly shown and these contacts are being made in order to reach lasting solutions as soon as possible.
The nature and aims of the transactions under investigation could have been clarified with great simplicity, being cash transactions the beneficiary of which is the institute itself, on accounts it holds at other credit institutions. The current problem was caused by a misunderstanding (now being examined) between the IOR and the bank which received the transfer order.
Thus the Holy See reiterates its complete confidence in the managers of the IOR, and its desire for complete transparency in the financial operations the institute undertakes, in accordance with the procedures and norms required today to ensure the security and transparency of transactions in the field of international finance.
Father Federico Lombardi,
Director, Press Office of the Holy See, Vatican City
"During the 1970s and 80s,
"During the 1970s and 80s, the Vatican Bank was rocked by a series of scandals under American Archbishop Paul Marcinkus. Though it never acknowledged guilt, the bank paid out more than $240 million to creditors to settle claims."
http://news.bbc.co.uk/2/hi/europe/4737372.stm
May he rest in peace - with ALL his secrets.
Charles, "...but we must keep
Charles,
"...but we must keep our faith in Christ..."
I hate to break the news to you but the Christ of Faith vs. the Christ of History are two different ways of believing which, if clearly taught and not covered up by the Hierarchy and fearful Priests, would be the ULTIMATE SHOCK to the ordinary Catholic. Be careful of who YOU THINK your putting your Faith in!!
http://johndominiccrossan.com/Who%20Is%20Jesus.htm
http://johndominiccrossan.com/Book%20Listing.htm
http://virtualreligion.net/forum/index.html
wait until he and the rest of
wait until he and the rest of the board get their justified jail time
humiliation much . . .
I would tend to believe the
I would tend to believe the president of the bank on this, but let's wait until we know more.
There is a shadow of not bad
There is a shadow of not bad news in today's sad headline from Atlanta alleging a pastor of 'sexual coercion' with two men from his church...The 'not bad news' angle: he is not Catholic.
If Catholics have learned
If Catholics have learned anything from a decade watching the sexual abuse and exploitation of children by priests and bishops, is that most if not all hierarchs in the Catholic Church are hopelessly compromised, complicit and corrupt.
This news of another money laundering scandal at the "Vatican Bank" shouldn't really surprise anyone. When are we going to learn that these hopelessly arrogant and narcissistic men can't be trusted - with our money, or with our children.
I learned during my time as chair of the San Francisco archdiocesan review board investigating allegations against priests and bishops that the rape and sodomy of children was financed, underwritten, by the unattributed, unaccountable funds that priests and bishops have at their immediate disposal.
That's right! The money that all of us have contributed over decades to the church, much of it as cash donations in the collection basket (which being cash is practically impossible to trace or track), has been suborned to satiate the perverse sexual appetites of priests and bishops. We Catholics in the pews ENABLED the abusive priests and bishops.
Example: For literally years, Msgr. Patrick O'Shea defrauded and diverted thousands of dollars from church funds to his personal use. He even purchased a "vacation home" north of San Francisco at a place called Lake Berryessa. It was there that he took multiple children, altar boys, and molested and rape them. I believe that he is now out of the priesthood, and out of prison on probation.
These are ugly things to even contemplate. But, until we face the reality of our own neglect to hold these clerics accountable, things will never change.
I'm glad that the Vatican bank now has laymen who are operating it - or we never would have heard about these latest financial shenanigans - notice that the hierarchs are still protected from scrutiny.
Change will come to the Catholic Church only when the hierarchs and clerics are "defunded." The hierarchy's unchallenged absolute ability to control literally millions and billions of dollars makes them impervious to any attempt to confine their corruption.
Americans could, and should, teach the Vatican a few lessons about "checks and balances."
So the head of the Vatican
So the head of the Vatican bank is humiliated? How about us Joe and Mary Catholics who are humiliated by the scandal a day behavior of the bishops? All the crimes, lies, feeble excuses and evasions of the bishops humiliate us on a daily basis. Do these bishops ever have to explain to their non-Catholic co-workers, friends and neighbors what the heck is going on in the Catholic Church? My guess is: no.
How about the victims of sexual abuse by priests who tried to get some justice by going to their bishops but were ignored, vilified or threatened? They had to go public to get any hearing because their own church hierarchy made war on them. Haven't they been humiliated time and again?
TITHING = ENABLING DON'T
TITHING = ENABLING
DON'T ENABLE.
The Catholic Church has
The Catholic Church has numerous enemies not the least its own members who feel happy in posting their poison darts.The answer to avoid problems is to ensure that there is absolute clarity and transparancy in all financial transactions, which means double checks are in place before transfers are effected?
Tom3811 your links direct to
Tom3811 your links direct to works of very poor scholarship. Perhaps it is you who should be careful in who you thrust.
FM, what are you talking
FM, what are you talking about! I personally investigated the links that Tom3811 provided and recognized them as of sterling quality. John Dominic Crossan as well as Robert Funk are world renowned Biblical experts. These individuals are THE preeminent scholars of modern Biblical analysis. We are all grateful to them for their scholarly contributions to modern man.
This is what they do with
This is what they do with your Peter's Pence, folks. Keep those greenbacks coming!
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