INTERNATIONAL BANKSTER$: The Global Banking Elite Exposed and the Case for Restructuring Capitalism by Morcan James & Morcan Lance

Author:Morcan, James & Morcan, Lance
Language: eng
Format: epub
Publisher: Sterling Gate Books
Published: 2015-09-22T00:00:00+00:00

Above: God’s Banker Roberto Calvi may have been murdered.

"Roberto Calvi" by Unknown

Foto extraída de la revista Siete Días.

Año XV, numero 797, septiembre de 1982.

Licensed under Public Domain via Wikimedia Commons

In an article dated June 27, 2012, Forbes columnist Avi Jorisch provides a less flattering summary of the Vatican Bank’s finances.

Jorisch, a former U.S. Treasury Department official, writes, “Italian prosecutors have now detained the former head of the Vatican’s bank after searching his home and former office for suspected criminal behavior.

“Catholics and followers of the Holy See will be disappointed to learn that the Vatican’s bank appears to be embroiled in yet another financial scandal. After a number of very embarrassing episodes in recent years, the Pope pledged to comply with international standards on illicit finance and clean up the bank’s image. The European Union has an important role to play in helping the Vatican mitigate risk and come into full compliance; the Financial Action Task Force (FATF), set up by the G-7 to combat money laundering and terrorist financing, has a responsibility as well…”.

Jorisch continues, “The bank accepts deposits only from top Church officials and entities, according to Italian legal scholar Settimio Caridi. It is run by a president but overseen by five cardinals who report directly to the Vatican and the Vatican’s secretary of state. Because so little is known about the bank’s daily operations and transactions, it has often been called “the most secret bank in the world…”.

“Tedeschi and the Vatican Bank have recently been investigated on two separate occasions for money laundering. This past March, JP Morgan Chase closed a Vatican account in Milan after the IOR was “unable to respond” to questionable money transfers, according to Italy’s leading financial newspaper, Il Sole 24 Ore…”.

Jorisch concludes, “In today’s interconnected financial world, instituting measures to mitigate abuse of the international financial sector is part of the cost of doing business. Unquestionably, one of the most serious public policy challenges the international community will face in the foreseeable future is how to use every tool in its arsenal to make progress against those who exploit tainted money. While the Vatican answers to a higher calling, the EU, FATF and MONEYVAL should insist that its earthly responsibilities are equally important”.

Well said Mister Jorisch! It’s all very well (the Vatican) answering to a higher calling when earthly responsibilities – not to mention laws and good citizenship – are by all accounts all too often ignored. At least not where money’s concerned.

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