Ettore Gotti Tedeschi, the president of the Vatican Bank, has strongly denied allegations the bank broke anti-money laundering rules and sees news of the investigation into him and the bank as an attack on him, the institution and the Vatican.
“Since I assumed the presidency of the IOR [Vatican Bank] I have committed my whole self, according to the indications received by the Pope and the Secretary of State, to make every transaction more transparent and in line with international norms against money laundering,” he said in an interview in today’s Il Giornale. “For this reason, I feel really humiliated.” He added: “God is always present in everything I do.”
Gotti Tedeschi, 65, is a father of five, a devout Catholic and member of Opus Dei. He teaches financial ethics at a Catholic university in Milan.
An excerpt from the interview:
What was your reaction to the news of the investigation of IOR and of yourself?
“Bitterness and humiliation. I do not know what else to say. Together with the Director of the Institute, Paolo Cipriani, I am committed to tackling the problems which are now being investigated. We are working to enter the so-called White List, i.e. the list of countries that comply with international anti-money laundering, and we hope to do so by December. I have an excellent relationship with the Bank of Italy and there is a continuous exchange of information ...”.
Can you explain what happened with Credito Artigiano and that 20 million directed to JP Morgan Frankfurt?
“For the moment, let me clarify that that regards a remittance from IOR to IOR: we simply transferred the money to invest in German bonds.”
Why were the rules against money laundering not respected?
“We are implementing the rules. Regarding the object of the investigation, there was an error in the procedure implemented with Credito Artigiano. But the operation is very clear, there is nothing hidden or to hide: only a transfer of funds from IOR itself.
The Secretariat of State has renewed its total confidence ...
“I met Cardinal Bertone, I found him to be very concerned about what happened. I have been invited to remain in my place, also because I’m doing exactly what I was asked to do, that is to make each operation of IOR more transparent. This is the clear desire of my superiors and for this reason I consider what is happening ... almost against nature! A procedural error has been used as an excuse to attack the Institute, its president and, more generally, the Vatican.”
Why do you think someone wants to attack you or the Holy See?
“I think that the statement of the Secretariat of State and its sense of amazement shines through. .. [it happened] just when we are working as hard as possible to enforce rules against money laundering. Cardinal Bertone has appointed Cardinal Attilio Nicola, president of the supervisory board inside the Vatican, to monitor the implementation of all provisions for the White List. We are available to provide information, it would have been enough to ask us instead of slapping it on the front page.”
*******
UPDATE: Vatican spokesman Father Federico Lombardi made public the following letter which he wrote to the Financial Times and which was published in the newspaper today. The letter concerns recent events involving the Institute for the Works of Religion (IOR).
“Yesterday the IOR (Institute of Religious Works) returned to international media attention in the wake of a surprise investigation by the Procurator’s Office in Rome.
“Given that the activities of the IOR take place at an international level, and that its President is a well respected figure, well-known in the world of international finance, it is appropriate that I, as the head of the Holy See’s Press Office, should seek to clarify matters in order to avoid the spread of inaccurate information and to ensure that no damage is caused to the activities of the Institute or the good name of its managers.
“The IOR is not a bank in the normal definition of the term. It is an Institute that administers the assets of Catholic institutions; institutions whose goal is to further a religious and charitable apostolate at an international level. The IOR is located within the territory of Vatican City State; in other words, beyond the jurisdiction and surveillance of the various national banks.
“Its particular status means that its position in the system and the regulations of international finance requires a series of agreements in order to establish the procedures necessary for the Holy See to be included in the White List - this is especially true in light of the new norms laid down by the European Union to combat terrorism and money laundering.
“From the day of his appointment, and in accordance with the specific mandate he received from the highest Vatican authorities and from the IOR Inspection Committee, President Gotti Tedeschi has been working with great commitment to ensure the absolute transparency of the IOR’s activities, and their compliance for the norms and procedures which will allow the Holy See to be included in the White List. To this end, intense and fruitful contacts are ongoing with the Bank of Italy, the European Union and with the competent international bodies: OECD and GAFI.
“It is for this reason that the Vatican Secretariat of State, in the official communiqué it released on Tuesday, expressed its perplexity and amazement at this investigation by the Procurator’s Office in Rome, which has come at a time in which this commitment is being clearly shown and these contacts are being made in order to reach lasting solutions as soon as possible.
“The nature and aims of the transactions under investigation could have been clarified with great simplicity, being cash transactions the beneficiary of which is the Institute itself, on accounts it holds at other credit institutions. The current problem was caused by a misunderstanding (now being examined) between the IOR and the bank which received the transfer order.
“Thus the Holy See reiterates its complete confidence in the managers of the IOR, and its desire for complete transparency in the financial operations the Institute undertakes, in accordance with the procedures and norms required today to ensure the security and transparency of transactions in the field of international finance”.
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We are in a time when good people are made to LOOK bad when they aren’t, so that evil can take control. It may sound extreme but take a good look at the attacks the church has been under recently. I’m just putting 2 + 2 together. I have a feeling things are about to get a whole lot worse.
Interesting that this story “breaks” just as Pope Benedict XVI returns from a rather triumphant trip abroad to the British Isles…where most of the pundits had predicted the opposite. For those determined to bring down the Roman Catholic Church in general and the Vatican in particular it was a “defeat”....thus perhaps the timeliness of this newest “scandal” which will grab headlines the Pontiff’s trip in many instances did not!
There is a whiff in the air with this newest scandal ...and in my estimation the odor is coming from those who would like to portray the Faith in the worst possible light. It would seem that when the Vatican is vowing to display more transparency there are some who fear the light might “shine” where nefarious agenda lurk!
For every good deed we do the evil one rallies and attacks. Our Lord is great and He is our protector. We know how this battle will end, hang in there.
Yet, another thinly-veiled attack upon Catholicism.
Undoubtedly, The Enemy under-estimated the fearless and bold
devotion of Pope Benedict XVI, and the ecumenical galvanization
of Believers: ALL, for The Greater Glory of GOD!
Psalm 110, is NOW: THE LORD, be magnified!
Prayer. We must offer our ongoing prayers for the Church and for the good men and women who stand in the breech at the price of being attacked for their works. Goodness will always fall prey to attack; but truth prevails. Pray.
Does the Baptist Church or the Mormons receive such attention when they transfer monies from one account to another? No, the media is not interested in these churches.
WWWEEEllllll then, I would like to suggest we let the Vatican folks and the Italian folks do their work as usual.
Please read “the dreams of Saint John Bosco” This is an attack to the Pope
to the Vatican and to the church.
Biased… biased… biased ... biased
It is incredible how anti-Christian and specially how anti-Catholic the Liberal media has become !
As people have mentioned above, this has just been done by someonoe out of hate and despair of the outcomes of the Pope’s visit to the UK, which turned out to be quite successful !
Pray pray pray !
I now see everything after having read Philip Jenkins’ book ‘The New Anti-Catholicism !
Jesus sees us all, who does good and bad, if it weren’t for him I’d find myself in peace and tranquility !
Could we not just for am moment refrain from conspiracy theories. Yes, we all know that the secular press is probably anti church and that the holy Father seems to get attacked for everything. That’s part of being the Pope in these times.
Regarding this banking Fiasco: Vatican bank has made procedural errors regarding large transfers. The laws changed in 2007. I am certain there was no intend to money launder. But why should the Vatican Bank be excluded from being monitored to comply with new rules. This was an honest procedural mistake, they got picked up on it, they will learn from it end of story.
Can someone explain the relationship that the Vatican City State has with the European Union - especially regarding these banking regulations? Has the Vatican surrendered its sovereignty in these matters? What gives Italy the right to seize Vatican funds?
I can’t imagine this happening to Germany or France.
John M.
Tedeschi says that everything is transparent. That is what every right thinking catholic expects. He says that a procedural lapse is taken and the investigation is ordered. But what is the procedural lapse ? If it does not cause any cover up ofa wrong, Tedeschi can fight against and claim for damages as world wide publication of the investigation of Vatican bank gives a wrong impression to the public.
Catholics
Time for Liberty Dollar no more fiat money
St. Paul convert US & World to sound money
www.LibertyDollar.org
Prayerfully v
“A church that never went right would be quite as miraculous as a church that never went wrong,” G.K. Chesterton in Orthodoxy.
and this…...“The difficulty of explaining why I am a Catholic, is that there are 10,000 reasons all amounting to one reason: that Catholicism is true.”—-
—- G.K. Chesterton
Thank God for the mind of G.K. Chesterton, God Bless his soul.
Look at the way in which the Church used Her “Art of Obfuscation” in the Priest Pedophilia Scandal, that is still on-going, by the way! Is it any wonder that a large percentage of Catholics as well as Non-Catholics would like to hear an HONEST, simple explanation, that will stand up in the International Banking Community? The Vatican over-used the word, “Shocked,” in the International Priest Pedophilia Scandal, and now She’s using it again! Is it any wonder after the Banco Ambrosiano Banking Fiasco in the 1980’s that a large percentage of people aren’t at all “shocked” that government banking entities are looking into questionable transactions at the Vatican Bank? If you missed that Banking Scandal, simply Google, “Vatican, Banco Ambrosiano Calvi Affair Cardinal Marcinko.” That should pull up a few months worth of reading!
If those behind the attack on the Vatican Bank get away with this lie will they then claim the Holy Father has no diplomatic immunity and that the Holy See is not a state - when in fact the first state was the Holy See and the Holy Father does have diplomatic immunity? This is an attack by Satan and the AntiChrist on the Catholic Church by those who worship them.
How can a person survive financially in the Last Days without accepting the Mark of the Beast (666) on him - he asks the Catholic Church for help. Who regulates the finances of the institutions of the Catholic Church? The Vatican Bank.
Well as everyone knows..GOD needs a good banker.
I mean..loaves and fishes don’t come cheap anymore.
Now, if I could only interest GOD in a good Wall Street broker..
Hmmm…
Our enemies are powerful and therefore we should be alert.The one and only way,if as is stated, is that we are on the way to a “White-List"is to ensure no mistakes are made while moving in the direction,more so by those who should know better.Do not for Gods sake let our enemies gloat.They have His Holiness as their one and only target..They keep saying day in and out” if their right hand does not get him,their left hand will.
Let Hon Gotti not rest but be wise at his job.
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