VATICAN CITY
International Business Times
By Oliver Tree
March 20, 2012
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.
earlier this month the bank was listed by the U.S. State Department as being potentially vulnerable to money-laundering, Britain’s Daily Telegraph reported.
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