Vatican bank chief on money laundering allegations: 'nothing to hide'
President Ettore Gotti Tedeschi of the Vatican's Institute for the Works of Religion (IOR) / Vatican analyst Andrea Tornielli
President Ettore Gotti Tedeschi of the Vatican's Institute for the Works of Religion (IOR) / Vatican analyst Andrea Tornielli
Facebook Twitter Google+ Pinterest Addthis

.- Responding to allegations of money laundering, the president of the Vatican bank told Vatican analyst Andrea Tornielli that "there's nothing hidden, nor (anything) to hide." The president said the bank hopes to be on the "White list" for banks that conform to international anti-money laundering policies by December.

President Ettore Gotti Tedeschi of the Vatican's Institute for the Works of Religion (IOR), or as many call it, the "Vatican Bank," told Andrea Tornielli of the Italian daily "Il Giornale" that he feels "bitterness and humiliation" at the allegations made against him this week. He and the IOR are being investigated by Italian authorities for money laundering to the tune of $30 million.

The authorities seized this quantity after it was deposited by the IOR at the private Italian bank Credito Artigiano SpA, saying that the Vatican institution had not complied with an Italian anti-money laundering law from 2007 that requires the disclosure of information about account holders and beneficiaries.

A Tuesday statement from the Holy See's Secretariat of State responded to the allegations saying that the bank has a "clear desire for full transparency” and expressing confidence that the truth would emerge.

Gotti Tedeschi himself said that from the time he assumed the presidency a year ago, he has been working to make every operation "more transparent and in line with the international anti-money laundering guidelines."

He told Tornielli that they hope to be on the "White list" of countries that respect these international guidelines by December.

Of the $30 million transaction being investigated, he said that the money was sent by Credito Artigiano SpA to JP Morgan of Frankfurt simply for bond investments, from one IOR account to another. 

Asked why the bank is being investigated for money laundering in that case, Gotti Tedeschi said, "(w)e are acting out the norms. In the case under investigation it was about an error in the procedures carried out with the Credito Artigiano (Bank). But the operation is very clear, there is nothing hidden, nor to (anything) to hide: just a transfer of funds from the same IOR."

The IOR president said that he has met with Vatican Secretary of State Cardinal Tarcisio Bertone, who was "very concerned" about the matter, but has expressed support for him. Incredulous at the accusations of money laundering, Gotti observed that, "an error in procedure is being used as an excuse to attack the IOR, its president and in general the Vatican."

Assuring his continued cooperation with investigations, he said that the bank is willing to "furnish information, (but) it would be sufficient to ask us for it rather than slamming us on the front page."

Ads by AdsLiveMedia(What's this?)

* The number of messages that can be online is limited. CNA reserves the right to edit messages for content and tone. Comments and opinions expressed by users do not necessarily reflect the opinions or beliefs of CNA. CNA will not publish comments with abusive language, insults or links to other pages


Ads by Google (What's this?)
Ads by Google

Featured Videos

Cardinal Luis Tagle to Pope Francis
Cardinal Luis Tagle to Pope Francis
Pope Francis in the Philippines: Manila Welcomes the Pope
Pope Francis in Sri Lanka: Highlights
Pope Francis in Sri Lanka: Interview with Cardinal Ranjith
Pope Francis in SriLanka: Inter-religious Faith Meeting
Little Sisters of the Poor press conference in Denver
Family thrilled to see Pope Francis in Istanbul
Syrian Refugee, Sara, 14, Before Meeting Pope
Ebola orphans thousands of children in West Africa
One year after Haiyan: Philippines rebuilds homes, lives
An Indian contribution to the Vatican's Synod on the Family
Christ Cathedral CNA video Sept 2014
Alejandro Bermudez of CNA accepts ice bucket challenge
'The Real Albania,' remembering those who fled
Pope Francis in Albania, "one of the most important visits of the post-communist era in Albania"
Pope Francis greets paralyzed man who risked all to see him
Franciscans on the banks of the Tiber in Rome, working for the New Evangelization
Pilgrimage from Czech Republic to Assisi and Rome for intentions
Testimony of young Indian who met Pope in Korea
Preparations of the Closing Mass of 6th Asian Youth Day

Liturgical Calendar

January 30, 2015

Friday of the Third Week in Ordinary Time

All readings:
Today »
This year »

Catholic Daily

Gospel of the Day

Mk 4:26-34


Daily Readings

Saint of the Day

St. Romuald »


Homily of the Day

Mk 4:26-34