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View Diary: The Vatican Bank and Money Laundering (90 comments)

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  •  About the Vatican (9+ / 0-)

    In certain respects, they're no different than Switzerland, Lichtenstein, the Grand Caymans, Monaco, or even (for setting up anonymous corporations) the state of Delaware.

    Unlike the aforementioned, there is only one state owned bank in the Vatican, which, as pointed out, doesn't bother with a lot of traditional banking functions.  Since it is outside most international treaties regarding bank governance, it is an open invitation for money laundering, and since even places like the Caymans draw the line above some level of nastiness, the Vatican tends to get the worst of the worst.  And the lack of accountability in the Catholic hierarchy makes this slide by just like the pedophile priests.

    It's a large, hierarchical, culturally rigid organization that tends not to regard itself as subject to secular law (which they aren't in the physical inside of the Vatican), so you can expect it to be sought out by organized crime.

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