Category: Vatican

Italy to Get $4.4 Billion in Proceeds From Tax Amnesty

ROME—The Italian government will pocket over €4 billion ($4.4 billion) in proceeds from a tax amnesty it launched as part of a broad crack down on Italian money stashed abroad. The additional money will be a boon for the government, as it seeks to meet its budget targets amid a...

Italy Amends Country ‘Black Lists

On April 1, Italy’s Minister of the Economy and Finance, Pier Carlo Padoan, signed two decrees that modify Italy’s “black lists,” and announced on the same day that Italy and the Vatican had signed their previously agreed tax information exchange agreement (TIEA). The two decrees follow the guidelines laid down...

The Vatican Bank, Christmas Cheer, And FATCA

For centuries the inner workings of the Vatican Bank have been cloaked in secrecy. That was before Pope Francis, who has pledged to restore public confidence in the administration of the Roman Catholic Church. This week we learned the United States and the Holy See have brokered a FATCA agreement...

Vatican is now facing new money laundering charges

An arrested Vatican prelate is now facing new money laundering charges. Monsignor Nunzio Scarano and two other people were served with warrants, suspected of money laundering in an attempted plot to smuggle 20 million euros from Switzerland into Italy and launder it through the Vatican Bank. Allegedly, these were “false...