The bank – formally known as the Institute for Works of Religion or IOR – has suffered the ignominy of having one of its accounts closed by JP Morgan after stone-walling requests for information. The sanction came less than two weeks after the US State Department listed the Vatican as being potentially vulnerable to money laundering. A Milan affiliate of JP Morgan said it will shut the account by the end of the month after revealing Vatican bankers had been "unable to respond" to requests for details about payments into the account. A spokesman for JP Morgan in Milan declined to comment, citing client confidentiality. The Milan branch had been seeking information since 2010, when the Vatican bank was accused by authorities in Rome of contravening money-laundering regulations.
GMT 14:08 2018 Friday ,14 December
Bank of Russia raises key rateGMT 13:23 2018 Thursday ,13 December
Philippine central bank holds overnight borrowing rate steadyGMT 11:33 2018 Tuesday ,11 December
Top EU court backs legality of ECB bond buyingGMT 20:46 2018 Wednesday ,05 December
World Bank funds water projects in North Kordofan StateGMT 15:06 2018 Friday ,30 November
Egypt, World Bank seek cooperation in solid waste recyclingGMT 12:21 2018 Wednesday ,28 November
BisB silver partner of World Islamic Banking ConferenceGMT 09:19 2018 Thursday ,22 November
AIIB Jin Liqun praises Suez Canal projectsGMT 15:05 2018 Friday ,16 November
World Bank Regional Vice President First Visit to West Bank and GazaMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor