VATICAN CONTINUES THE MONEY LAUNDERING

FROM THE - JOURNALS of Monte Friesner – Criminal & Intelligence Analyst and Consulaire for WANTED SA ~ Contributed & Written by Kenneth Rijock

DON'T VATICAN FINANCE TYPES KNOW WHAT MONEY LAUNDERING IS ?

If Monsignor Scarano, the senior Vatican official incarcerated in a Rome prison, facing money laundering charges, is typical of those in Vatican City who are in charge of financial affairs, then they need a tutorial in  Money Laundering 101. Scarano has reportedly sent a note to the Pope, denying that he was engaged in money laundering, and asserting that he "tried to help someone who asked for help."

If someone asks you to help them bulk cash smuggle twenty million Euros in from Switzerland, and you find nothing wrong with that request, then you should not hold a position of financial responsibility anywhere. Obviously, the experts hired to bring Vatican City into compliance with banking best practices have their work cut out for them. Could they please schedule mandatory, universal lectures there, at their earliest convenience ?

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VATICAN OFFICIALS ACCUSED OF CASH SMUGGLING.

FROM THE - JOURNALS of Monte Friesner – Criminal & Intelligence Analyst and Consulaire for WANTED SA   ~Contributed & Written by Kenneth Rijock ~ 

BANK ACCOUNTS OF ACCUSED VATICAN OFFICIAL FROZEN

Italian media has reported that the two bank accounts, held by Monsignor Nunzio Scarano, the senior Vatican officials accused of participation in a €20m bulk cash smuggling conspiracy, have been frozen.

Scarano's efforts to be allowed to be released to house arrest failed, and he remains in Italian custody. One of his co-conspirators, an Italian intelligence agent, was to employ a private jet to smuggle in the bulk cash.

Scarano told a friend that he was to receive a €2.5m "commission" for his illicit services.

Scarano is also under investigation in another case, involving the exchange of a large amount of cash for bogus "charitable donation" checks, in an €560,000 apparent money laundering operation, paying off debt on a personal residence he owned .

He was purportedly using the second bank account for a foundation, where he claimed he was accepting money from the public for a hospice-type facility.

Vatican sources stated that the investigation, into suspected money laundering through the Vatican bank, formally known as the Institute for Works of Religion, or IOR,  has widened, to include other targets, which have not yet been publicly identified.

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FINANCIAL CRIME SHOCKED THE VATICAN.

FROM THE - JOURNALS of Monte Friesner – Criminal & Intelligence Analyst and Consulaire for WANTED SA   ~Contributed & Written by Kenneth Rijock ~

RAISE COUNTRY RISK FOR VATICAN CITY, AND WATCH TRANSACTIONS WITH IOR

While we rarely comment on Country Risk for non-state entities, recent events have compelled us to do so.

The resignation of the director of the Institute for Religious Works (IOR), more commonly known as the Vatican Bank, and his deputy, in the wake of an emerging money laundering scandal that has resulted in the arrest of a senior Vatican official, means that one may assume that the bank probably has other, unresolved, issues involving financial crime, and that these issues impact Country Risk in a negative manner.

Given the central role of the IOR in Vatican City, you would be sell advised to examine all transactions involving your bank and IOR, and to raise Country Risk for the city-state.

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