JPMorgan Chase Closes Vatican Bank Account

“The Vatican bank, also known as the Institute for Works of Religion (IOR), is having its account phased out and closed by March 30,” Business Insider’s Julia La Roche reports, “because it apparently ‘failed to provide sufficient information on money transfers.’”bNeedless to say, this is a setback for the Holy See as it attempts to qualify for Europe’s “white list” of financial institutions that meet all international regulatory standards on money-laundering and tax fraud. – The Blaze

03/19/2012 10:58 PM by JPUpdates Staff

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