JP Morgan pulls plug on Vatican bank account for 'concerns about a lack of transparency' in money transfersAccording to a Reuters story in the Huffington Post, JP Morgan Chase is closing the Vatican bank's account in Italy due to "concerns about a lack of transparency at the Holy See's financial institution."
The bank of the Roman Catholic Church has been trying to clean up its image after 30 million dollars of its assets were frozen at the end of 2010 in a money laundering investigation.
The pope immediately issued a "motu proprio" - in effect, an executive order -- creating an internal mechanism in an effort to satisfy the international banking community over transparency issues related to fraud and money laundering. JP Morgan's current move seems to indicate that that effort to save papal face has not been very successful.
The public image of the Holy See's bank has also been harmed by the so-called "Vatileaks" scandal, in which highly sensitive documents, including letters to the pope, were published in Italian media.
Some of the leaked documents appear to show a conflict among top Vatican officials about just how transparent the bank should be in dealings that took place before it enacted its new laws.
Once again, the Roman Church hierarchy shows its true colors, valuing its cash over the protection of children. But even in that case, the 'sacred' subterfuge and silencing speaks volumes.
- Read the Huffington Post article: Vatican Bank Account Closed At JP Morgan, Image May Be Hurt