Vatican Inspectors Suspect Key Office Was Used for Money Laundering
November 4th, 2015Via: Reuters:
Vatican financial investigators suspect a department of the Holy See which oversees real estate and investments was used in the past for possible money laundering, insider trading and market manipulation, according to a report seen by Reuters.
The information in the confidential document, which covers the period from 2000 to 2011, has been passed on to Italian and Swiss investigators for their checks because some activity tied to the accounts allegedly took place in these countries, a senior Vatican source said.
While most of the media focus of the Vatican’s murky finances has for decades centred on its official bank, the Institute for Works of Religion (IOR), a department called the Administration of the Patrimony of the Holy See (APSA), acted as its own financial powerhouse.
APSA, a sort of general accounting office, manages the Vatican’s real estate holdings in Rome and elsewhere in Italy, pays salaries of Vatican employees, and acts as a purchasing office and human resources department.
One of its two divisions also manages the Vatican’s financial and stock portfolio. The 33-page report suspects this division was used by an outsider for non-Vatican business, with possible complicity of APSA staff, in violation of its own regulations.
Thank you Kevin for the blast from the past. Father Frank (I know I am going to mess it up) Sargucchi on Saturday Night Live was prescient in many of his routines. As were others. From the links, I watched an interview that Father Frank did with David Letterman. Loved it. Thanks Kevin for reminding me that comedy used to be uncensored.