0bama admin accuses Vatican of money laundering; makes JP Morgan close their acc
#1
It's on now...to arms to arms should be the cry from the Pope...but I doubt we will see this...

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http://www.theblaze.com/stories/jpmorgan...k-account/

JPMORGAN CHASE CLOSES VATICAN BANK ACCOUNT

JPMorgan Chase is shutting down the Vatican’s bank account with its Milan branch due to a “lack of transparency,” according to Reuters.

“The Vatican bank, also known as the Institute for Works of Religion (IOR), is having its account phased out and closed by March 30,” Business Insider’s Julia La Roche reports, “because it apparently ‘failed to provide sufficient information on money transfers.’”

Needless to say, this is a setback for the Holy See as it attempts to qualify for Europe’s “white list” of financial institutions that meet all international regulatory standards on money-laundering and tax fraud.

“Italy’s leading financial daily Il Sole 24 Ore reported at the weekend that JP Morgan Chase in Milan had told the IOR of the closing of its account in a letter on Feb. 15,” Philip Pullella and Lisa Jucca of Reuters report. “The letter said the IOR‘s account in Italy’s business capital would gradually be phased out starting on March 16 and closed on March 30.”

Two things should be noted: first, this isn’t the first time the Vatican has been suspected of engaging in financial fraud. Second, something should be said about the timing of the bank’s decision.

As to the first point: The Vatican’s finances have been under scrutiny for some time. Regulators are investigating €1.5 billion that passed through the Vatican’s Milan account. Investigators refer to this account as a “sweeping facility,” which means the account was emptied at the end of each day for an 18-months period and all funds were transferred to another IOR account in Germany, according to Il Sole 24 Ore.
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#2
Ummm, where does the article mention the Obama Administration?
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#3
It probably worked this way:  Catholic Church threw a massive spanner in the works over the HHS mandate.  Suddenly, the administration "discovers" that the Vatican is a possible source of money laundering (though not so possible as the USA!!).  Then, the Italian branch of one of the banks that received the most TARP bailout money - something on the order of 25 billion, according to CNN magically decides to close its account.  Look for a restructuring of JP Morgans' repayment schedule soon.  Perhaps the WSJ will cover it on a third column on page 24.
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#4
Pilgrim, the link has the rest of the article:

Furthermore, the Vatican is still dealing with negative press it received in September, 2010, when investigators froze €23 million ($33 million) in funds in two Italian banks after opening an investigation into possible money-laundering scheme.

“The bank said it did nothing wrong and was just transferring funds between its own accounts. The money was released in June 2011 but Rome magistrates are continuing their probe,” Reuters reports.

Adding to the growing list of Vatican woes is the “Vatileaks” scandal, in which documents, including letters to Pope Benedict, were published by Italian media outlets.

“Some of the leaked documents appear to show a conflict among top Vatican officials about just how transparent the bank should be about dealings that took place before it enacted its new laws,” Reuters reports.

So JPMorgan is simply reacting to reasonable concerns over possible financial indiscretions, right?

This brings us to our second point, that is, the timing of the bank’s decision. True, the aforementioned concerns over the IOR’s finances have raised some eyebrows, but the Vatican has since responded.

For instance, last year the Vatican formally adopted internal laws to comply with international standards on financial crime and they now comply with the rules of the Paris-based Financial Action Task Force (FATF), according to Reuters.

Moreover, the IOR has created an internal Financial Information Authority (FIA) and has “committed to comply with international anti-money laundering standards and liaise with the group and law enforcement agencies,” according to the report.

Which brings us back to the question: why did JPMorgan decide that now was the time to “phase out” the account? Investigations haven’t presented any new information, the Vatican has enacted major reforms, and talk of money-laundering and tax fraud are still just allegations.

Perhaps JPMorgan chose to close the account after the U.S. State Department decided to include the Vatican on its “financial crimes” list.

“For the first time, the Vatican has found itself on the U.S. State Department’s list of potential money-launderers,” The Blaze’s Billy Hallowell reported last week.

“According to the State Department, the Vatican made the list because it is considered vulnerable to laundering and because it had recently put a program into place to prevent financial abuses,” he added.

But much like JPMorgan’s decision to close the Milan account, some found the timing of the State Department’s inclusion of the Vatican on its “financial crimes” list a little odd: “Clearly, there are issues of concern, but the Catholic Church is taking measures to address these elements.”

Were either of these decisions aimed at the Holy See’s finances really necessary?

Considering the fact that the Catholic Church is currently engaged in a culture war with the Obama administration (and the world at large), a few critics believe we are witnessing much more than a mere pursuit of “financial transparency.”


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#5
No conspiracy, even the US is in the "most vulnerable" category.

It's just coincidental timing and the name of the list is unfortunately misleading for people who just read headlines, or don't read the article text critically, or just flat out don't research for veracity what they read critically- article or headline.

From there, we see JP Morgan apparently reacting to the issue of the Vatican Bank not necessarily making full disclosure on certain transfers as the rules were different:

"“Some of the leaked documents appear to show a conflict among top Vatican officials about just how transparent the bank should be about dealings that took place before it enacted its new laws,” Reuters reports."


JP Morgan was one of the destination banks for the money which was being investigated for laundering in 2010: http://www.bbc.co.uk/news/world-europe-11380628

Since the Vatican apparently is indecisive or not in agreement about disclosure prior to the new laws, possibly JP Morgan decided to pull anchor and leave the harbor. Or maybe it's an evil conspiracy!

Billy Hallowell's assessment is not only misleading, it's misleading to a degree that one would assume this list is of accused money launderers instead of countries/states with potential for being victims of money laundering in their borders:

"“For the first time, the Vatican has found itself on the U.S. State Department’s list of potential money-launderers,” The Blaze’s Billy Hallowell reported last week."


I think this is probably nothing more than convenient coincidence with enough mystery from the Vatican to provide fuel to a fire they don't realize they're fueling.

This all being said, I have more love for the muzzie I met while grocery shopping this morning than I'll ever have for Big Banks or the Al-Obama admin: both of which are absolutely the picture of scandal and need a fast boot and a slamming door: from the space shuttle.

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#6
I have been following this story for the past few days to me it looks like the Vatican is guilty. Won't be the first time either.
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#7
What the Vatican is guilty of is being naive and trusting in the people who handle their finances.
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#8
I've never understood exactly what money-laundering is. A google search was no help. For some reason it doesn't sink in to me how it's done. I also don't understand how money can be printed and treated as valuable, so maybe it's some kind of block in me about money. I don't want to change the subject, only to see if this time it might be profitable, so to speak, for me to ask.
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#9
Why assume the Vatican hasn't?  If Roman Hierarchy has hid homosexual predators, money laundering is far more plausible and far less worse.  I wouldn't be surprised in the slightest if this is true. 
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#10
Yeah, I wouldn't put anything past those papist devils! The evil, Mary-worshipping, woman-hating bastards!
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