A Bank that helps the customer in money laundering, corruption, tax-evasion and embezzlement….
Location: Tower of Niccolo V at the Vatican
“The Istituto per le Opere di Religione (henceforth, the Institute or IOR) is an institution of the Holy See, founded by Chirograph of His Holiness Pius XII on 27 June 1942. Its origins date back to the โCommissione ad pias causas โ established by the Supreme Pontiff Leo XIII in 1887”.
“The Vatican Bank is different from many other ordinary banks. The bank does not lend money, and it does not make direct investments. The bank receives money as deposits and then invests it in government bonds, some corporate bonds and in the inter-banking market where it deposit with other banks for a slightly higher interest rate than it receives. The bank contributes 55 million euros to the Vatican budget, making it one of its most crucial economic pillars”[Vatican Web]
LAWS, REGULATIONS AND INSTRUCTIONS OF THE FINANCIAL INFORMATION AUTHORITY
STATUTES
- Motu Proprio (15 novembre 2013)
- Statutes (15 novembre 2013)
- Motu Proprio (30 dicembre 2010)
- Statutes (30 dicembre 2010)
LAWS
- The law introducing norms concerning transparency, supervision and financial intelligence, No. XVIII of 8 October 2013, as amended by Law which emends the Law no. XVIII on transparency, supervision and financial intelligence of 8 October 2013, No. CCXLVII of 19 June 2018.
- Decree of the President of the Governorate of the Vatican City State promulgating amendments and additions to Law n. CXXVII, On the Prevention and Countering of the Laundering of the Proceeds of Criminal Activities and the Financing of Terrorism, of 30 December 2010.
- Law amending the Decree of the President of the Governorate of 25 January 2012, N. CLIX, confirmed by the Law of 24 April 2012, n. CLXVI.
FORM
Declaration of physical cross-border transportation of currency
Others
- Agreement between the Government of the Republic of Italy and the Holy See on Tax Matters.
- Investments are consistent with the Catholic Faith.
TOTAL REGULATION
“The Vatican legal framework recognized canonย Lawas the primary source of legislation and the primary criterion for its interpretation. Furthermore, there are six organic laws and other ordinary laws specific to the Vatican City State. For matters not covered by Vatican laws, the laws and other regulations issued by the Italian Republic are observed as supplementary, subject to prior approval by the competent Vatican authority”.
