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Vatican bank raided in money-laundering inquiry
Key Excerpts from Article on Website of The Telegraph (One of the UK's leading newspapers)

The Telegraph (One of the UK's leading newspapers), September 21, 2010
Posted: September 27th, 2010

Italian authorities froze nearly 20 million belonging to the Vaticans bank on [September 21] in an unprecedented investigation into alleged money-laundering by the Holy See. It was the first time that such action has been taken against the bank, which is formally known as the IOR or Institute for Religious Works. Prosecutors placed the banks director-general and its chairman under investigation in connection with two allegedly suspicious transactions which may have breached Italys anti-money laundering laws. Investigators have spent more than a year scrutinising millions of euros of Vatican bank transactions to see if they violated regulations. The Vatican banks chairman, Ettore Gotti Tedeschi ... was placed under investigation. He is not being investigated for laundering money but for omitting to disclose key information. The Vatican expressed the utmost confidence in the banks senior executives, including Mr Gotti Tedeschi. A member of the conservative religious movement Opus Dei, he has spoken out on the need for more morality in financing. Mr Gotti Tedeschi is a close adviser to Italys finance minister, Giulio Tremonti. The IOR manages the Vaticans finances as well as the accounts of Catholic organisations and religious orders.

Note: This unprecedented case shows that big things are happening behind the scenes. There is much more here than catches the eye.

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