Showing posts with label Money Laundering. Show all posts
Showing posts with label Money Laundering. Show all posts

Saturday, February 25, 2017

Four Months of Prison for Vatican Bank Executives Accused of Money Laundering

Director Cipriani and his deputy found guilty of money laundering.

Rome (  Two former executives of the Vatican Bank IOR have been condemned by an Italian court for violation of anti-money laundering regulations. A Roman court imposed on the former director Paolo Cipriani and his deputy Massimo Tulli imprisonment of four months and ten days, as Italian media reported on Friday. Thus, for the first time, important employees of the IOR were convicted of violating anti-money laundering laws. The defenders announced their appeal.

Cipriani and his deputy were sentenced for three transfers of 48,000, 100,000 and 120,000 euros, which were without the proper communication. The defenders stressed that both were released for two much higher transfers of a total of 23 million euros in 2010, that was not held against them. The sum was to have been transferred under dubious circumstances from a branch of the Italian bank Credito Artigiano to the Banca del Fucino and the Frankfurt branch of JP Morgan. The prosecutor had frozen the money in June 2011.

Cipriani and his deputy had resigned from their offices in July 2013. The Vatican said at the time that this move was in the interests of the financial institution. As director, Cipriani headed the IOR's daily business. 

Trans: Tancred