Bringing $14K inside Vatican City? Declare it

2011-04-01 19:39

kalahari.com

Vatican City - The Holy See issued a new rule on Friday requiring anyone bringing $14 000 or more into Vatican City to declare it - the latest initiative by the Vatican to come into compliance with international finance norms.

The rule was introduced the same day the Vatican's broader anti-money laundering and anti-terrorist financing regulations went into effect, including the creation of a new financial watchdog agency tasked with ensuring transparency in Vatican finances.

It announced the measures on December 30 in a major effort to comply with European Union currency norms and shed its image as a tax haven with a reputation for secrecy and scandal.

The Vatican's own bank, meanwhile, remains implicated in a money-laundering investigation that resulted in $31m being seized and its top two officials placed under investigation last September.

The Vatican has denied wrongdoing and says the investigation of the bank, known as the Institute for Religious Works, or IOR, resulted from a misunderstanding that it expected would be cleared up. Prosecutors haven't charged the officials.

The bank was created to manage assets placed in its care that are destined for the pope's religious or charitable works. But it also manages ATMs inside Vatican City and the pension system for the Vatican's thousands of employees.

The bank is not open to the public and its list of account holders is secret. But bank officials have told prosecutors there are some 40 000-45 000 among religious congregations, clergy, Vatican officials and lay people with Vatican connections.

Pope Benedict XVI, who wrote an entire encyclical about the need for greater morality in finance, has said he wanted the Vatican to join other countries that have cracked down on legal loopholes that have allowed criminals to exploit the financial sector.


- AP

Read more on:    roman catholic church  |  pope benedict xv1  |  rome  |  economy
NEXT ON NEWS24X

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Inside News24

 
 

Mbete: Nkandla is a holy place

Some of Public Protector Thuli Madonsela's remarks about President Jacob Zuma's Nkandla home amounted to interference “with a man’s kraal”, says ANC national chairperson Baleka Mbete.

 
 

Latest elections multimedia

Why Jack Parow wants you to vote on 7 May
The ad the SABC doesn't want to air
Elections 2014 in one cartoon
This year's election posters
 
Traffic
Lottery
 
  • Thursday Rondebosch - 12:58 PM
    Road name: Main Road Southbound
    HEAVY DELAYS between Rosebank and Newlands
  • Thursday Cape Town - 12:49 PM
    Road name: Buitengracht Street Outbound
    DELAYS between Strand Street and Elevated Freeway
 
More traffic reports...
 

Jobs in Cape Town [change area]

Jobs in Western Cape region

Store -In - store Supervisor – Cavendish Square

Western Cape
Quantum Recruitment
Market Related

FIT Manager

Western Cape
Quantex Executive Recruitment
Market Related

Marketer

Western Cape
Ayanda Mbanga Communications
Market Related

Property [change area]

Travel - Look, Book, Go!

Escape winter, head to Mauritius

Escape winter by spending 7 nights in Mauritius' tropical bliss from R13 215 per person sharing. Includes return flights, airport transfers and accommodation. Book now!

Kalahari.com - shop online today

Get many eggs in one basket!

Gaming bundles: 2 Super Hits games for R99, 3 Disney games for R99 and more + exclusive accessory bundles only available on kalahari.com. While stocks last. Shop now!

25% off bestselling books!

The Real Meal Revolution by Tim Noakes, Jeffrey Archer’s Be Careful What You Wish for, Man’s Search for Meaning by Victor E. Frank and many more titles. Shop now!

Up to 25% off electronics

Buy top electronics and save up to 25%. Such as kalahari.com’s 1# selling product the gobii eReader, Patriot X Porter flash drive, Asus Nexus 7” 3G tablet, Samsung Galaxy SIII, Lenovo G580 Notebook and many more. Shop now!

DStv HD PVR Decoder now R949

The DStv HD PVR Decoder has further revolutionised the television experience with lifelike viewing, sharper images, more vibrant colours and precision picture quality. Now R949, save R550. Offer valid while stocks last. Shop now!

Up to 30% off appliances & homeware

Save up to 30% on appliances and homeware this Easter! Offer valid while stocks last. Shop now.

OLX Free Classifieds [change area]

Samsung Galaxy s4

Mobile, Cell Phones in South Africa, Western Cape, Cape Town. Date October 24

Best bargain in big bay

Real Estate, Houses - Apartments for Sale in South Africa, Western Cape, Cape Town. Date October 25

VW Golf 6, 1.6 Trendline (Excellent condition)

Vehicles, Cars in South Africa, Western Cape, Cape Town. Date October 25

BlackBerry Bold Touch 9900

The Blackberry Bold Touch 9900 is as the name says...

From R3565.00

I'm shopping for:

Horoscopes
Aquarius
Aquarius

You may be required to travel or get information for your job. This may be restricting in some way or something may slow things...read more

There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.








Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.