VATICAN CITY
Catholic News Agency
December 21, 2019
By Michelle La Rosa
In recent weeks, CNA has been covering a Vatican financial scandal involving a multi-million-dollar investment fund, money donated by Catholics to support charity and Vatican ministries, and a pair of banks linked to money-laundering and bribery allegations.
The financial scandal is one of several unfolding at the Vatican, and covered by CNA. Having trouble keeping them straight? You’re not alone. This is the third in a series of CNA explainers, designed to help you keep track of the money trails in and out of the Vatican.
Here’s the Centurion Global scandal in a nutshell:
Centurion Global is an investment fund by which the Vatican Secretariat of State has invested tens of millions of dollars into Hollywood films, energy projects, and European startups. That investment, which has lost money while its managers have recouped millions in fees, involves fund managers connected to a Swiss bank that ran afoul of regulators and was shuttered – the same bank that partially financed a controversial London deal involving the Secretariat of State. The Centurion investment fund does its business with an unlikely pair of banks: both linked to a billion-dollar Venezuelan money laundering and bribery scandal. The Holy See announced earlier this month that the fund is under investigation.
Note: This is an Abuse Tracker excerpt. Click the title to view the full text of the original article. If the original article is no longer available, see our News Archive.