Vatican Declares Victory in Finance

The article declares, “The Vatican’s anti-money laundering watchdog agency has released its annual report, citing ‘significant achievements’ both in terms of the reporting of suspicious activity and a tightening of regulations.” The key fact: “The financial watchdog filed 56 Suspicious Activity Reports (SARs) in 2018, compared to 150 in the previous year.”

Banking is not known for its high moral standards. Many refer to them as banksters, like gangsters. Since its inception, the Vatican Bank has always been among the most corrupt banks. In the 1970s, The Godfather, Part III was about the Vatican Bank’s ties with the Mafia, with crimes ranging from money laundering to murder. A normal bank with such a record would have been shut down long ago, but the Vatican Bank is outside the reach of international authorities, protected by claims of national sovereignty.

The Vatican has always promised to clean up its act. Finally, there are concrete signs of progress. But CRUX and other Catholic media withhold comparative data. Taking into account total assets, transactions, and other measures of size, how does the Vatican Bank’s 56 SARS stack up against the record of other banks? The Catholic media ignore this seemingly obvious question.

Some years after implementing the new guidelines on child abuse, the Vatican will make similar claims of victory: “With the aid of the Holy Spirit and Pope Francis, we are now raping only half as many boys as we used to. Praise the Lord!”


Comments powered by CComment