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Pope to issue new bank norms amid laundering probe

Pope to issue new bank norms amid laundering probe

The Vatican is to issue new norms designed to make its financial transactions more transparent amid a money laundering probe that resulted in the seizure of (EURO)23 million from a Vatican account.
Vatican officials said Wednesday the document outlining the reforms will be released Thursday. Among other things, it is expected to create a compliance authority to oversee all Vatican finances.
Rome prosecutors in September seized (EURO)23 million and placed the Vatican bank's chairman and deputy under investigation, alleging the bank broke the law by trying to transfer money without identifying the sender or recipient.
The Vatican has insisted it is working to comply with international money laundering norms; Thursday's document is part of that effort.


Updated : 2021-06-17 17:36 GMT+08:00