Judges at Switzerland’s federal criminal court have approved the transfer of bank information to prosecutors in Italy from the account held by the Institute for Religious Works (IOR) rejecting the Vatican bank’s plea.
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According to Italian prosecutors the account, suspected of being used for fraud, has been used in 2007 and 2008 by third parties to launder as a donation funds from the sale of a company.
The move supporting the investigation that comprises a part of the drive to improve the transparency of the Vatican administration and finances under Pope Francis will dilute IOR’s attempts to rid itself of a reputation for shady dealings, following a series of money-laundering scandals in the past.
Although the Swiss judges have rejected the appeal from the IOR that invoked the Vatican’s sovereign immunity but they have agreed to prevent information not pertinent to the investigation being transferred.
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By GlobalData
