Vatican caught in financial scandal
The recent visit by Pope Benedict XVI to the UK was highly anticipated and received a lot of media attention
. The last time a Pope visited was in 1982 and now, twenty eight years later, the visit to the UK was quite successful.
Although the Pope did experience protest over the allegations of child abuse, his rejection of birth control, his views on HIV and homosexuality which might offend many, there was also healthy support for the Pope and the Catholic Church. There were some arrests but these were isolated incidents and involved only a small group of people.
The Pope has now returned to the Vatican, although whilst in London he should have thought about hiring a west London solicitor judging from the recent news regarding the Vatican. It has been reported that the head of the Vatican Bank in under investigation for money laundering.
Already prosecutors have seized 23 million Euros and an inquiry has been launched after suspicious transactions were made. It is alleged that the head of the Vatican Bank failed to disclose to the financial authorities where the money had come from.
The Vatican's response has been one of shock and astonishment. The allegation will be most unwelcome but the ancient institution does have excellent legal aid at its disposal and will undoubtedly do everything they can to ensure this matter is dealt with as swiftly as possible. There has been quite a bit of bad press for the Catholic Church of late and this is a scandal they could do without.
After all it does seem somewhat ironic that a religious institution with over a billion followers preaches about the need for better morality in the financial systems around the world and is then investigated for financial irregularities and potentially money laundering.
The Vatican Bank may be its commonly known name but the Institute for Works of Religion is its official title. Sadly this latest scandal is not the first the Vatican Bank has witnessed. The institute was involved in a major financial and political scandal in the early 1980's regarding the $3.5 billion collapse of Banco Ambrosiano, of which it was a major shareholder.
As a west London lawyer and they will say that the Vatican Bank is a unique institution and EU law does not necessarily apply. It is based in Vatican City and has no other branches, operating as institution outside EU rules. There are no shareholders and they have no-policy making functions which is handy because if they knew that all profit is set aside for charitable or religious works.
Vatican caught in financial scandal
By: IBB Solicitors
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