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Vatican bank charged with money-laundering

Sun, 24 Jan 2010 10:34:44 GMT

The Bank of the Vatican has been accused of laundering USD 200 million by proxy through an Italian creditor, a report indicates.

The allegation of the Vatican bank's financial corruption has been made by an Italian magazine that pointed to the financial institute's purported involvement in stealth fiscal transactions �via several accounts �with Italy's UniCredit Bank, Russia Today television network quoted the Panorama magazine as reporting.

�This corruption is continuing on a regular basis in the Vatican,� claimed Janathan Levy, a lawyer familiar with the bank.

�Again, there's no reason for a religion to have a bank that does worldwide commercial activities, dealing in gold, dealing in insurance, dealing in property and then hiding behind the Roman Catholic Church," Levy pointed out.

�I had the privilege to walk inside this bank. It's nothing like a bank,� the Russian news channel quoted another lawyer, Massimiliano Gabrieli, as saying.

�If you go there you deposit or withdraw money without limit, without any kind of receipt for the bank and for the client. All you have is a single card with a number,� he stated.

The British London Telegraph, has recently ranked the Bank of the Vatican ahead of the Bahamas, Switzerland and Liechtenstein in banking secrecy.

The Vatican has denied all charges.