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From The Daily Beast comes the news that JPMorgan Chase has closed a Vatican bank account on speculation that the account is being used to launder money.

Back in February, Chase sent a notification to the Vatican stating that the account was being closed due to the Vatican not being able to answer questions about certain money transfers.

JPMorgan Chase sent a letter to the Vatican on Feb. 15 to notify them of the closure after the Vatican bankers were “unable to respond” to a series of requests about questionable money transfers from the account. The JPMorgan Chase account was a “sweeping facility” that was zeroed out at the end of each business day. The account, which was opened in 2009, had processed some $1.5 billion in funds to other Vatican accounts—mostly in Germany—during the short time it was open
Evidently, ever since an investigation by Italian tax authorities caused the city of Rome to seize $33 million in church assets in 2010 (since returned, by the way) for the way the Church moved money around and kept it's books, the bankers have been getting nervous and started doing some investigations of their own.  
Despite the efforts to prove otherwise, the damage to the church’s financial reputation has already been done. Earlier this month, the U.S. State Department named the Holy See on a list of its own, as a “jurisdiction of concern” for money-laundering practices in its annual International Narcotics Control Strategy Report, alongside countries like Honduras and Syria. The Vatican shrugged off the State Department’s scolding and instead said being a “jurisdiction of concern” was far better than being a “primary concern.” But Reuters financial columnist Pierre Briançon disagrees. “The best way for the Vatican to come clean would of course be to close the bank: it’s hard to see why it’s needed other than to shroud the Church’s financial dealings in a veil of obsessive secrecy,” he wrote in a recent blog post. “Barring such a radical exorcism, a clean sweep is in order.”
Money laundering, usually connected with drugs and other illegal activity. Sounds like the old days in England, when the church had it's hands in all manner of things.
The Catholic church is regressing at a faster rate than Republicans.
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Comment Preferences

  •  Tip Jar (23+ / 0-)

    If you can separate sex from procreation, you have given women the ability to participate in society on an equal basis with men. -Gloria Feldt

    by skohayes on Wed Mar 21, 2012 at 05:29:42 PM PDT

  •  Drug money? (5+ / 0-)
    Recommended by:
    skohayes, Lujane, jayden, G2geek, joe wobblie

    Cats are better than therapy, and I'm a therapist.

    by Smoh on Wed Mar 21, 2012 at 05:56:10 PM PDT

    •  Among other things (6+ / 0-)
      Recommended by:
      3goldens, Lujane, jayden, semiot, G2geek, Smoh

      According the the report mentioned in the article,

      All other countries and jurisdictions evaluated in the INCSR are separated into the two remaining groups, “Jurisdictions of Concern” and “Other Jurisdictions Monitored,” on the basis of several factors that may include: (1) whether the country’s financial institutions engage in transactions involving significant amounts of proceeds from serious crimes;
       (2) the extent to which the jurisdiction is or remains vulnerable to money laundering, notwithstanding its money laundering countermeasures, if any (an illustrative list of factors that may indicate vulnerability is provided below);
      (3) the nature and extent of the money laundering situation in each jurisdiction (e.g., whether it involves drugs or other contraband);
       (4) the ways in which the U.S. Government (USG) regards the situation as having international ramifications;
       (5) the situation’s impact on U.S. interests;
       (6) whether the jurisdiction has taken appropriate legislative actions to address specific problems;
       (7) whether there is a lack of licensing and oversight of offshore financial centers and businesses;
       (8) whether the jurisdiction’s laws are being effectively implemented; and
       (9) where U.S. interests are involved, the degree of cooperation be
      http://www.state.gov/...

      If you can separate sex from procreation, you have given women the ability to participate in society on an equal basis with men. -Gloria Feldt

      by skohayes on Wed Mar 21, 2012 at 06:03:33 PM PDT

      [ Parent ]

  •  I Don't Expect Any Greater from These People (8+ / 0-)

    And I'm a Catholic.

    Drug money, money laundering, pedophilia ... whee!

    These men have disgraced a way of life that once upon a time gave millions of humble a spiritually needy people a way to live with high self-regard and dignity.

    "I'll believe that corporations are people when I see Rick Perry execute one."

    by bink on Wed Mar 21, 2012 at 06:30:56 PM PDT

    •  I've concluded (2+ / 0-)
      Recommended by:
      Yastreblyansky, skohayes

      that anything above the parish level is another institution from the one we knew.  I'll grant that even some pastors are more connected with the hierarchy than with us, but just as "We, the people..." are the country, the people are also the Church.  

      As a liturgical  musician, I have to deal with the crap more than the average person in the pews, but I only do it when I must.  What keeps me in church (and in my job) is the people with whom I work and to whom I minister.  Anything above that is like the state and federal government, something we must deal with, but (hopefully) not a daily nuisance.

      -7.62, -7.28 "Hold fast to dreams, for if dreams die, life is a broken winged bird that cannot fly." -Langston Hughes

      by luckylizard on Thu Mar 22, 2012 at 07:00:23 AM PDT

      [ Parent ]

  •  Wasn't John Paul I alleged to have been murdered (3+ / 0-)
    Recommended by:
    skohayes, fixxit, G2geek

    because he was going to expose the theft and corruption around the Vatican Bank?

    I'd tip you but they cut off my tip box.

    by OHdog on Wed Mar 21, 2012 at 06:43:55 PM PDT

    •  Really? (0+ / 0-)

      I always thought that was just CT.

      If you can separate sex from procreation, you have given women the ability to participate in society on an equal basis with men. -Gloria Feldt

      by skohayes on Wed Mar 21, 2012 at 06:58:31 PM PDT

      [ Parent ]

      •  so were hacked voting machines. (1+ / 0-)
        Recommended by:
        skohayes

        But the extraordinary claim of voting machine hacking eventually accumulated enough extraordinary evidence that it's no longer CT but a plausible hypothesis.

        With enough of these actions against the Vatican by the US Gov and big banks, the evidence is accumulating that the Vatican is involved in some kind of illegal activities.  What those activities may be, remains to be seen.

        As for the death of that pope about 30-something years ago, that's still suspicious as hell, but it's unlikely that anyone with first-hand knowledge of the situation is likely to come forward, so that will remain a mystery, or perhaps a murder mystery.

        "Minus two votes for the Democrat" equals "plus one vote for the Republican." Arithmetic doesn't care about your feelings.

        by G2geek on Thu Mar 22, 2012 at 04:49:04 AM PDT

        [ Parent ]

  •  The church isn't regressing... (5+ / 0-)
    Recommended by:
    bglv, Old Gardener, skohayes, Cedwyn, Yo Bubba

    ...just more of their insidious criminal activities are being exposed by folks not in awe of the power of the papacy. They have always been a monstrous, detrimental force in the world but were immune from being scrutinized until recently. The Catholic church has stunted, deceived, extorted, connived and ruined civilization since it's inception and all the Protestant and fundamentalist off-shoots are similarly tainted from the rotten core organization from which they spawned. What we think we know about true horror of the church is only the tip of the iceberg...

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