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| Institute for Religious Works - Vatican Bank |
A US court
described it as “murky” [1] and the last President of the Vatican Bank admits
that it offers secret accounts to many who “have had problems with the law”.
There are no cheque books. Everything is done by transfer, by cash or in gold
bullion, so as to be untraceable. This is perfect for money-laundering. And, as
if the nine-metre thick walls of its tower in the Vatican did not offer enough
privacy, “God’s bank” appears to have quietly established itself in the
offshore financial centre of the Cayman Islands. [3]
As the bank
of an independent state, the Vatican Bank escapes scrutiny from Italy. In
addition, it has an impenetrable organisation, with three separate boards of
directors. And it boasts another curious feature: it is said to be “never
audited”, hence funds deposited there may simply vanish without a trace. [4]
The Vatican Bank even maintains that it adopts the remarkable practice of
destroying all of its records every ten years. [5]
FYI:
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