Skip to content

We ask you, humbly: don't scroll away.

Hi readers, it seems you use Catholic Online a lot; that's great! It's a little awkward to ask, but we need your help. If you have already donated, we sincerely thank you. We're not salespeople, but we depend on donations averaging $14.76 and fewer than 1% of readers give. If you donate just $5.00, the price of your coffee, Catholic Online School could keep thriving. Thank you.

Help Now >

Vatican under investigation - 5,000 bank accounts closed

Free World Class Education
FREE Catholic Classes
Exactly 4,935 accounts were closed on suspicion of insider trading and tax evasion.

Vatican auditors closed nearly 5,000 suspected Vatican bank accounts on suspicion of tax evasion.

Deacon Keith Fournier Hi readers, it seems you use Catholic Online a lot; that's great! It's a little awkward to ask, but we need your help. If you have already donated, we sincerely thank you. We're not salespeople, but we depend on donations averaging $14.76 and fewer than 1% of readers give. If you donate just $5.00, the price of your coffee, Catholic Online School could keep thriving. Thank you. Help Now >

Highlights

By Kenya Sinclair (CALIFORNIA NETWORK)
Catholic Online (https://www.catholic.org)
5/2/2016 (7 years ago)

Published in Europe

Keywords: Vatican, tax evasion, illegal activity, bank accounts

LOS ANGELES, CA (Catholic Online) - The scandal includes a three-year investigation of 544 suspected transactions mainly involving tax evasion.

To meet international standards, previous Pope Benedict XVI established the Financial Information Authority (FIA) in 2010 specifically to reduce the risk of questionable account usage.


Institute of Religious Works (IOR) accounts have come under fire before after being accused of being linked to mafia activities in the 1980s.

Following the creation of FIA, the IOR has come under suspicion once again.


FIA President Rene Brulhart noted the number of suspicious transactions has tripled since 2014, but admitted it was likely due to better FIA monitoring.

"In a process like this you always set a low threshold for reporting to create awareness," he stated. "I hope in 2016 the figure will be back to normal. Of course ideally we would like a zero figure but that is not realistic."

Interestingly, FIA revealed thousands of IOR accounts held by people with no connection to the Church or its charitable endeavors.

In response to the shocking discoveries, PricewaterhouseCoopers (PwC) were appointed to audit Vatican books and clean the filth from the IOR.

---


'Help Give every Student and Teacher FREE resources for a world-class Moral Catholic Education'


Copyright 2021 - Distributed by Catholic Online

Join the Movement
When you sign up below, you don't just join an email list - you're joining an entire movement for Free world class Catholic education.

Prayer of the Day logo
Saint of the Day logo

We ask you, humbly: don't scroll away.

Hi readers, it seems you use Catholic Online a lot; that's great! It's a little awkward to ask, but we need your help. If you have already donated, we sincerely thank you. We're not salespeople, but we depend on donations averaging $14.76 and fewer than 1% of readers give. If you donate just $5.00, the price of your coffee, Catholic Online School could keep thriving. Thank you.

Help Now >

Catholic Online Logo

Copyright 2024 Catholic Online. All materials contained on this site, whether written, audible or visual are the exclusive property of Catholic Online and are protected under U.S. and International copyright laws, © Copyright 2024 Catholic Online. Any unauthorized use, without prior written consent of Catholic Online is strictly forbidden and prohibited.

Catholic Online is a Project of Your Catholic Voice Foundation, a Not-for-Profit Corporation. Your Catholic Voice Foundation has been granted a recognition of tax exemption under Section 501(c)(3) of the Internal Revenue Code. Federal Tax Identification Number: 81-0596847. Your gift is tax-deductible as allowed by law.