Wednesday, May 30, 2012

JPMorgan Video Report:Vatican Bank Faces Fresh Money-Laundering Scandal As JP Morgan Closes Account

The Vatican bank is facing a possible money-laundering scandal after it emerged JP Morgan was closing one of its accounts due to a lack of information about the source of deposits, Italian newspapers report.

The bank, officially known as the Institute for Works of Religion (IOR in Italian), reportedly failed to provide a Milan affiliate of JP Morgan with details about payments into the account, in which €1.8 billion has been deposited in the last 18 months.