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.
November 23, 2001
Vatican Bank Top 10 Money Laundering Destination
According to one global source, the Vatican is the main destination for over $55 billion in illegal Italian money laundering and the number 8 destination worldwide for laundered money, ranked well ahead of such offshore havens as the Bahamas, Switzerland, and Liechtenstein.
In a recent report by the London Telegraph and the Inside Fraud Bulletin, the Vatican was named as a top "cut out" country along with the offshore banking centers of Nauru, Macao, and Mauritius. A "cut out" country is one whose banking secrecy makes it is all but impossible to trace laundered funds back to their source.The Vatican Bank is desperately resisting a legal action for an accounting of stolen World War II assets in a San Francisco Federal court (Alperin v. Vatican Bank) filed by Serb and Jewish Holocaust survivors. Contrary to the above reports, a declaration filed under penalty of perjury by the Vatican Bank's attorney, Franzo Grande Stevens, states in part that the Vatican Bank's "fundamental purpose is to promote pious acts" and that its depositors "are essentially limited to Vatican state employees, members of the Holy See, religious orders, and persons who deposit money destined, at least in part, for works of piety." Stevens also declared to the court that the Pope controls the Vatican Bank and that bank records are not retained after ten years.
It seems that the Vatican Bank, a major illegal money laundering operation, is hiding behind the benign image of John Paul II. Given the Vatican Bank's alleged involvement with Nazi loot and current links to organized crime, a reckoning cannot be far off. The accumulating evidence points to a more piratical than pietical Vatican Bank
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