Vatican caught in financial scandal, Financial scandal hits Vatican city

The recent visit by Pope Benedict XVI to the UK was highly anticipated and gained plenty of media attention. Even though his visit to the UK was met with varying opinions and reasonable demonstration, looking back things went well .

However, the Pope and the Catholic Church did come under scrutiny over several matters such as child abuse, contraception, HIV and homosexuality, it also received healthy support from Catholics in the UK and from people who made the pilgrimage. There were some arrests but these were isolated occurrences and involved just a small group of people.

The Pope has now returned to the Vatican, although whilst in London he really should have considered hiring a west London solicitor judging from the latest news concerning the Vatican. Reports are emerging that the Vatican is being investigated over money laundering cliams.

Up to now 23 million Euros have already been seized and following dubious transactions a detailed inquest is already underway . It’s believed that the head of the Vatican Bank didn’t make known to the propper authorities where exactly the money had come from.

The Vatican’s response has been certainly one of surprise and astonishment. The allegation will be most irritating nevertheless the ancient institution does have exceptional legal aid at its fingertips and will without doubt do everything they can to make certain this matter is addressed as quickly as possible. This is further damaging publicity against an institution which is already under the international spotlight for the completely wrong reasons.

All things considered it does seem somewhat ironic that a religious institution with over a billion followers preaches about the need for better morality in the economic systems all over the world and is then investigated for financial irregularities and possibly money laundering.

The Vatican Bank may be its commonly known name however the Institute for Works of Religion is its official title. Sadly this latest scandal is not the first the Vatican Bank has seen. In 1982 the Vatican Bank was in turmoil over the $ 3.5 billion collapse of Banco Ambrosiano, which it was an essential shareholder of.

Ask a west London lawyer and they will say that the Vatican Bank is a distinctive institution and EU legal requirement does not always apply. Located in Vatican City, it opeartes outside the rules of the EU and has no branches outside the city. Unlike many other banks and financial institutions which have policy makers and shareholders, the Vatican Bank has none, which is a blessing considering that all profit is set aside for charitable and religious works.

BOLA TANGKAS