Business
November 26, 2009

Police probe Vatican bank transactions

Suspects money laundering

News reports in Italy say investigators are scrutinising millions of euros worth of Vatican bank transactions to see if they violated money laundering regulations.

The central bank would only say yesterday “we haven’t denied” the reports that it alerted Italian financial police to the transactions. It declined to comment on Italian reports that transactions totalling around euro60 million (US$90.43 million) annually for three years starting in 2003 were being investigated.

The reports, in two newspapers and on a TV station, said the transactions occurred at a branch near the Vatican of now defunct Banca di Roma, which later came under Unicredit bank.

Unicredit and the Vatican declined to comment. Financial police had no immediate comment.

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