A money laundering crackdown by the Bank of Italy has caused the Vatican to abruptly go to ’cash only’ for tourists. Credit card and debit card purchases are being declined, and on-site cash machines have been shut down or removed.
This is apparently in an attempt to hold the notorious Vatican Bank accountable to their inadequate money-laundering controls.
Some commentators have mused on the paradox of telling people to use cash when trying to monitor money-laundering activities. The Vatican has played down the episode, passing it off as a temporary glitch after the expiration of an agreement between some Holy See offices and the current provider of its electronic point-of-sale services.
The Vatican spokesman, Federico Lombardi, told reporters this week that discussions with other providers were under way, and that the interruption of credit card and debit card sales “would be short-lived.”
But the Bank of Italy’s actions underscore larger concerns about the transparency of the Vatican’s finances, something that Pope Benedict XVI has promised to fix.
The Bank of Italy – which monitors the activities of Italian banking institutions, even in foreign states – did not issue a formal statement. But financial experts said the bank’s decision reflected concrete concerns over banking and financial legislation at Vatican City state, as well as an inadequate system of independent supervision.
While the Holy See has traditionally been tight-lipped about the dealings of its primary financial institution, the Institute for Works of Religion, also known as the Vatican Bank, the Vatican has worked in recent years to comply with international transparency and money-laundering standards, with mixed results.
The cash-only measurements come after implications of money laundering and scandal have shaken the Vatican Bank (Institute for Works of Religion), including the dismissal of the former Director, Ettore Gotti Tedeschi. This, plus countless child abuse investigations, and the Pope’s personal butler leaking papers which allegedly highlighted corruption, has left the Vatican reeling and struggling to secure the power and influence it once maintained.
By Elizabeth Leafloor, RedIceCreations.com
To hear more indepth discussion of the history of the Vatican Bank, murder, coverup and corruption, tune into Red Ice Radio:
Boris Nemtsov, Putin Foe, Is Shot Dead in Shadow of Kremlin - A Staged Shooting? 2015-02-28 22:37 NY Times: Boris Nemtsov, Putin Foe, Is Shot Dead in Shadow of Kremlin
Mr. Nemtsov, a former first deputy prime minister of Russia, was killed in central Moscow in the highest-profile assassination in Russia during the tenure of President Vladimir V. Putin.
A Staged Shooting?
Why does the dead body of fitness enthusiast Boris Nemtsov have a pot belly?
The Anti-New York Times doesn't ...
Holocaust, Hate Speech and Were the Germans so Stupid? 2015-02-28 20:31
Description form YouTube:
This is an updated version of the video which was taken down by YouTube following a spurious copyright-infringement claim. It addresses issues regarding claims that Zyklon B in liquid form gives off fumes at temperatures below 0º C.
As the world approaches the brink of a new Middle East crisis this time involving Syria, clearly at the behind-the-scenes ...
California Infant Dies after 8 Vaccines, Family Gets Him Back from Hospital Cremated 2015-02-27 21:55
Parents in California are distraught after losing their infant son after being vaccinated. He died in his sleep and was taken to the hospital already deceased. Hospital staff ruled his death as sudden infant death syndrome. The couple was told an autopsy was required to be performed on their son.
After returning home, waiting to get an update, they never received ...