Business

JPMorgan Chase Closes Vatican Bank Account

JPMorgan Chase Closes Vatican Bank AccountJPMorgan Chase is shutting down the Vatican’s bank account with its Milan branch due to a “lack of transparency,” according to Reuters.

“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.’”

Needless 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.

“Italy’s leading financial daily Il Sole 24 Ore reported at the weekend that JP Morgan Chase in Milan had told the IOR of the closing of its account in a letter on Feb. 15,” Philip Pullella and Lisa Jucca of Reuters report. “The letter said the IOR‘s account in Italy’s business capital would gradually be phased out starting on March 16 and closed on March 30.”

Two things should be noted: first, this isn’t the first time the Vatican has been suspected of engaging in financial fraud. Second, something should be said about the timing of the bank’s decision.

As to the first point: The Vatican’s finances have been under scrutiny for some time. Regulators are investigating €1.5 billion that passed through the Vatican’s Milan account. Investigators refer to this account as a “sweeping facility,” which means the account was emptied at the end of each day for an 18-months period and all funds were transferred to another IOR account in Germany, according to Il Sole 24 Ore.

Furthermore, the Vatican is still dealing with negative press it received in September, 2010, when investigators froze €23 million ($33 million) in funds in two Italian banks after opening an investigation into possible money-laundering scheme.

“The bank said it did nothing wrong and was just transferring funds between its own accounts. The money was released in June 2011 but Rome magistrates are continuing their probe,” Reuters reports.

Adding to the growing list of Vatican woes is the “Vatileaks” scandal, in which documents, including letters to Pope Benedict, were published by Italian media outlets.

“Some of the leaked documents appear to show a conflict among top Vatican officials about just how transparent the bank should be about dealings that took place before it enacted its new laws,” Reuters reports.

So JPMorgan is simply reacting to reasonable concerns over possible financial indiscretions, right?

This brings us to our second point, that is, the timing of the bank’s decision. True, the aforementioned concerns over the IOR’s finances have raised some eyebrows, but the Vatican has since responded.

For instance, last year the Vatican formally adopted internal laws to comply with international standards on financial crime and they now comply with the rules of the Paris-based Financial Action Task Force (FATF), according to Reuters.

JPMorgan Chase Closes Vatican Bank AccountMoreover, the IOR has created an internal Financial Information Authority (FIA) and has “committed to comply with international anti-money laundering standards and liaise with the group and law enforcement agencies,” according to the report.

Which brings us back to the question: why did JPMorgan decide that now was the time to “phase out” the account? Investigations haven’t presented any new information, the Vatican has enacted major reforms, and talk of money-laundering and tax fraud are still just allegations.

Perhaps JPMorgan chose to close the account after the U.S. State Department decided to include the Vatican on its “financial crimes” list.

“For the first time, the Vatican has found itself on the U.S. State Department’s list of potential money-launderers,” The Blaze’s Billy Hallowell reported last week.

“According to the State Department, the Vatican made the list because it is considered vulnerable to laundering and because it had recently put a program into place to prevent financial abuses,” he added.

But much like JPMorgan’s decision to close the Milan account, some found the timing of the State Department’s inclusion of the Vatican on its “financial crimes” list a little odd: “Clearly, there are issues of concern, but the Catholic Church is taking measures to address these elements.”

Were either of these decisions aimed at the Holy See’s finances really necessary?

Considering the fact that the Catholic Church is currently engaged in a culture war with the Obama administration (and the world at large), a few critics believe we are witnessing much more than a mere pursuit of “financial transparency.”

Watch Glenn Beck explain his take on the recent developments (via GBTV):

(H/T: Business Insider)

Comments (168)

1 2 3 ... 5
  • welovetheUSA
    Posted on March 19, 2012 at 11:13pm

    JP Mogan is in Obama’s back pocket……………….Obama;s Agenda
    A strong centralized government
    An executive arm growing at the expense of the legislative and judicial arm
    Control of banking, credit and security exchanges by the government
    Underwriting of employment through armaments or by public works
    Underwriting of Social Security by the government
    Underwriting of food, housing and medical care by the government
    Use of deficit spending to finance underwritings
    Abandonment of gold in lieu of managed currency
    Government control over trade, natural resources, transportation, agricultural production, organized labor unions, and youth corps-enlistments, to name a few
    A youth and people dedicated to the ideology of government authorities
    Heavy taxation of estates and incomes of the wealthy
    State control over communications and propaganda
    11 months……….VOTE

    Report Post » welovetheUSA  
    • Maji
      Posted on March 19, 2012 at 11:43pm

      Get ready this just starting!
      When they loose and go into lame duck session Obama
      is going into overdrive this fall.
      * Thats why they’re really finding ways around congress now!!
      It’s out there and no one is saying it..this man(and his people) are
      going off the rails with corruption come NOV.5th 2012.
      No bad deed is going to be too big!!!

      Report Post »  
    • pavepaws
      Posted on March 19, 2012 at 11:53pm

      Who needs JP Morgan?

      Report Post »  
    • EndTheFedNOW
      Posted on March 20, 2012 at 12:00am

      The bankers need to be hung.

      Report Post » EndTheFedNOW  
    • lukerw
      Posted on March 20, 2012 at 2:18am

      @END…
      There are Good Guys and Bad Guys in Banking… just alike in Every Profession. We need to identify the Naughty… and put Coal in their Stockings!

      Report Post » lukerw  
    • lylejk
      Posted on March 20, 2012 at 2:29am

      Agree that this one smells fishy. Sounds like payback for the Catholic Church’s stance on the pill. Emailed some Catholic friends and told them they may want to withdraw all investments in JP Morgan. I’m not catholic, but I use to do investments with them and they, well, let’s just say lost half my $30K 401K money before I had no choice but to cash out since I was on survival mode then. I will never do business with this outfit ever again period. :)

      Report Post » lylejk  
    • TomFerrari
      Posted on March 20, 2012 at 5:32am

      I’m not sure if this is fishier, or if all the sudden interest in Africa’s politics is.
      Both wreak to, er, “high heaven.”

      As Vatican City is a nation, why doesn‘t it operate it’s own bank? Are their ‘revenues’ that diminished?

      Also, I‘m not sure why obama’s lapdog (JP Morgan Chase) has the authority to make demands of a nation! Can you imagine if your local bank started making demands of the IRS?
      LOL (Which is what the IRS would do/say… LOL)

      The BORG is assimilating. Beware!

      “I WILL NOT COMPLY” is the only valid response at this point.

      Report Post » TomFerrari  
    • MONICNE
      Posted on March 20, 2012 at 6:55am

      First they came for the Jews
      Then they came for the Catholics
      Then they came for the Mormon-Americans
      Then they came for the Radio Talk Show Hosts
      And finally there was no one left to protect the Christians

      TEA

      Report Post » MONICNE  
    • nofearmongeringhere
      Posted on March 20, 2012 at 7:19am

      I will not comply. I will stand strong. God help us all.

      Report Post » nofearmongeringhere  
    • 000degrees
      Posted on March 20, 2012 at 8:16am

      How much $$$ does jpm give to the re-election of o. The “Christian” pres continues to wage war on the Catholics

      Report Post »  
    • Gonzo
      Posted on March 20, 2012 at 9:28am

      I wish they would come for the idiots MONICNE. I’m sick of hearing your drivel.

      Report Post » Gonzo  
    • BSimpson
      Posted on March 20, 2012 at 11:02am

      The world would be better off without JP Morgan Chase, and Bank of America for that matter….

      Report Post »  
    • monkeyoffmyback
      Posted on March 20, 2012 at 5:13pm

      54% of Catholics couldn’t get enough obama. So, THEY elected him——-Now he (obama) tells them “Pound Eucharistic Sand !”

      Can you finally see the damage you’ve caused this country?

      Thanx, AGAIN !

      Get used to seeing this post—-It’s meant to “inspire”.

      Report Post » monkeyoffmyback  
    • Walter2012
      Posted on March 21, 2012 at 10:22am

      hmm….I will vote FIRST by closing my CHASE Bank Account & I hope others will follow!!!!

      Report Post »  
    • conservativecartoonist
      Posted on March 22, 2012 at 7:19pm

      Check out this political cartoon of the pope trying to by a drink at a convenience store and being told his debit card declined. Then to add insult to injury the clerk offers the pope free contraceptives. http://www.conservativecartoon.com/

      Report Post » conservativecartoonist  
  • Texas.7
    Posted on March 19, 2012 at 11:03pm

    First the Catholics, then the rest of us- or at least that is their desire. But our hope is in Christ, and we must stand together as a tightly fitted Body. One Body, One Spirit, One Church, and the gates of Hell cannot prevail!

    Hebrews 10:23 Let us hold fast the confession of our hope without wavering, for He who promised is faithful.

    Hebrews 10:35 Therefore, do not throw away your confidence, which has a great reward. 36 For you have need of endurance, so that when you have done the will of God, you may receive what was promised.
    37 FOR YET IN A VERY LITTLE WHILE,
    HE WHO IS COMING WILL COME, AND WILL NOT DELAY.
    38 BUT MY RIGHTEOUS ONE SHALL LIVE BY FAITH;
    AND IF HE SHRINKS BACK, MY SOUL HAS NO PLEASURE IN HIM.
    39 But we are not of those who shrink back to destruction, but of those who have faith to the preserving of the soul.

    Report Post »  
  • SpeckledPup
    Posted on March 19, 2012 at 10:59pm

    well duh, obviously obama is putting the screws to JCM-C, betcha more banks will follow as obama tries to destroy the VATICAN and Catholic Church.

    let’s not forget!!!! ~~~ he was listed as ‘religion: islam’ in the neighborhood Catholic parish school records in his indonesian childhood. … and his wealthy white communist granny was a BANK EXECUTIVE, and his wealthy white communist grandpa was an OIL COMPANY EXECUTIVE… both US industries which he has alreaady destroyed or is controlling… talk about a VILE fuhrer-wannabe.

    Report Post »  
  • lukerw
    Posted on March 19, 2012 at 10:53pm

    JPMorgan/Chase… you Gutless… pieces…

    Report Post » lukerw  
    • AxelPhantom
      Posted on March 20, 2012 at 12:13pm

      Bill Daley, Obama’s former Chief of Staff was a Senior Executive at JP Morgan Chase…..hmmm

      Report Post »  
    • texrubarts
      Posted on March 20, 2012 at 3:06pm

      I JUST closed my account with Chase!!! I stand with the Vatican…. All this mess started with Obama and it will end with Obama – we will throw him out of the White House….

      I suggest all Catholics stand together and go in and close your account with Chase – they are not offering anything different than any other bank is. Go to a Credit Union – I did…

      God help us all – trouble is coming…..

      Report Post » texrubarts  
    • Susie40
      Posted on March 20, 2012 at 5:07pm

      I did close my chase account a while back.

      Report Post »  
  • KangarooJack
    Posted on March 19, 2012 at 10:44pm

    Over 45 days ago sent my cut up credit card back to the co. Balance paid in full. No worries, yet I get a statement in the mail. Funny? shouldn’t happen you might think. Called to double check. Yes, the account is closed YET WHY do I think I will be charged an annual fee???? lol

    Report Post » KangarooJack  
    • oldguy49
      Posted on March 19, 2012 at 11:56pm

      good for you…i closed my capital one credit card account a couple of years ago because they were giving illigals credit cards………….to this day they still send me card apps……no thank you……divorce is final

      Report Post »  
    • bayhorse
      Posted on March 20, 2012 at 6:05pm

      I closed mine 3 years ago. Can’t stand a bank that is not local. We deal with a small local bank and credit union. Hey i think we have a boycott goin here hoorah!!!!!!!!!!!!!!!!!

      Report Post »  
  • workinman2
    Posted on March 19, 2012 at 10:41pm

    For socialism to work, religion has to be removed…

    Report Post » workinman2  
    • 9111315
      Posted on March 20, 2012 at 8:02am

      No, it needs to be replaced by a state religion and god president.

      Report Post »  
  • SpankDaMonkey
    Posted on March 19, 2012 at 10:41pm

    .
    I wonder how hard it was to get Jamie Diamond to do that?……….

    This is on all you PC White Guilt Obama Voting Morons. This is just another way to attack the Church & Christians in general from Black Baby Jesus Obama aka The Devil…….

    Report Post » SpankDaMonkey  
    • Paul
      Posted on March 19, 2012 at 10:46pm

      “Obama aka The Devil”

      A Type, we are always warned.

      Report Post » Paul  
  • Paul
    Posted on March 19, 2012 at 10:41pm

    New World Order = 1st Beast In Revelation, 2nd is satan, WAKE UP PEOPLE… (HE said most will not be able to hear, sad…)

    Clocks turning faster than an electric meter on a hot July day in South FL.

    http://theseason.yolasite.com/

    Report Post » Paul  
    • youdidthis
      Posted on March 20, 2012 at 3:34am

      look up magnetic poleshift and haarp and chemtrails.

      agenda 21.

      you will see god when you see him. we have a republic to save…

      Report Post »  
  • sndrman
    Posted on March 19, 2012 at 10:41pm

    being orchestrated out in the open as if to say“ yea whata you gonna do about it”? socialists are now out in the open….

    Report Post »  
  • G.E.R
    Posted on March 19, 2012 at 10:38pm

    Money is the only god the catholic church worships

    Report Post »  
    • Paul
      Posted on March 19, 2012 at 10:50pm

      Been there done that as a child, I SURVIED 5 years of Catholic School, NEVER learned one thing about GOD’s Word that was true.

      I agree $$$, BUT! The thing is these clowns don’t know that, they just know it as the biggest religion in the West, so hence… DESTROY IT.

      Report Post » Paul  
    • fightinggranny
      Posted on March 19, 2012 at 11:10pm

      Unlike you who worship slavery of the people. Pray heathen.

      Report Post »  
    • Charles
      Posted on March 19, 2012 at 11:11pm

      First they came after the Jews and I was silent since I’m not a Jew. Then they came after the Amish, but who cares? They seem odd and ride in horse drawn buggies and I’m not Amish. Then they came after the Catholics and who cares? They worship Mary, not Jesus and I’m not Catholic anyway. Then when they came after me there was no one left to come to my aid. NO!!! Today I am Jewish,Catholic, and Amish. (If they come after the atheists don‘t expect to hear me say I’m one of those haters-they can haul them off and good riddance)

      Report Post »  
    • ecmerrif
      Posted on March 20, 2012 at 1:07am

      We Catholics donate more to charity than any other ‘organization’ on earth. We’d appreciate your support rather than your hatred. And we don’t “WORSHIP” Mary! We ask her to pray for us. Please don’t misrepresent us or bad mouth our teachings and beliefs. Now’s the time to stick together, not tear each other apart.

      Report Post »  
    • Gr8ful1jim
      Posted on March 20, 2012 at 6:35am

      If it wasn’t for the Catholic Church, both of you would likely not even exist. The CC has done more for the development of western culture than any other organization on the planet. People should take a good look at what the Church has done for the world.

      Report Post » Gr8ful1jim  
    • Hobbesforthewin
      Posted on March 20, 2012 at 6:36pm

      I would very much disagree.
      The Catholic Church has been around 2,000 years, and seen empires, nations, peoples and states go by the wayside, might just be a grain of truth in the organization that Christ Jesus founded.
      Since you won’t listen to reason though…..
      All should stand in defence as each religeon is attacked by the government. Mother Church has been first because it is the biggest. After the Church has been liquidated, how hard will the Episcopalians, Baptists and other Christians fare?

      Report Post »  
    • Cavy2see
      Posted on March 20, 2012 at 10:56pm

      No…go to our churches…see the works we do…we don’t brag about it…but American’s fund most of the missionary people in all the continets…cannot fathom any group that helps having no money at all to do it…we were the Peace on earth core before the Peace Corp who are politically funded…there will never truly be any peace on earth … ours is borrowed time on this planet…a little at a time…do not bash us please…see that light it isn’t under a barrell…we Christains shine…we try…we pray…God help us…it is almost Easter…the words of old are said aloud…God Bless

      Report Post » Cavy2see  
    • conservativewoman
      Posted on March 21, 2012 at 12:41am

      @G.E.R.
      Really? I happen to be in a Catholic ministry and my husband runs another one. You have no idea what your talking about. Our Catholic schools take a loss EVERY YEAR! We don’t make a profit. WE TAKE A LOSS EVERY YEAR. Do you know why we continue anyway? Because we are called to profess our faith.
      @PAUL
      I teach a class at my parish. At the beginning of the year, these kids come to me already knowing so much about their faith. Do you know why? Because THEIR PARENTS CARE ENOUGH TO TEACH THEM! Blame yourself and your parents for not knowing anything in five years!

      Report Post » conservativewoman  
    • LibertySure
      Posted on March 21, 2012 at 2:33am

      @hobbesforthewin: You are wrong, Jesus didn’t found the Roman Catholic Church. It was power and money hungry religious despots thrown out by the Apostles who branched off from the true churches that continued to lay impossible guilt on their followers, to extort money from them for their own selfish greed. Eventually, they got into the power game by ruling over emperors and kings under the threat of the fire of hell and guilt.
      That progressed into full blown tyranny when they started killing dissidents, a spree that lasted for hundreds of years. Only by the actions of the descendants of those true congregations, the Reformers, did human rights, charity, dignity, individual liberty and prosperity create economic and political climates that restrained the inherent tyranny that lies at the root of the Roman Catholic Church’s catechism, Magisterium and Church Tradition.
      You are right in your assessment of the evil perpetrated by this organization, but claiming that Jesus is the founder of that den of pedophiles and thieves (not all of them but most) is patently false.
      I truly hope that its congregants would see some slither of light by Obama’s attack on religion and dissent or at least discipline their priests. The Roman Church is an Obama facilitator and financier — they are being bitten by the dragon they kept as a pet.

      Report Post »  
  • Carefreeflyer
    Posted on March 19, 2012 at 10:33pm

    JPMorgan Chase is worried about transparency? You have to be kidding. I’m sure another non-corrupt bank will be glad to have the Vatican account.

    Report Post » Carefreeflyer  
  • NHwinter
    Posted on March 19, 2012 at 10:31pm

    What else will they try to destroy before the Nov. elections?

    Report Post » NHwinter  
  • hogtrashhd
    Posted on March 19, 2012 at 10:28pm

    my good Lord.. these people in the whitehouse are evil to the core… i said from the get go obama reminded of that kid in the movie the Omen. i wish someone would look into the death of his grandmother in hawaii.. it was too convenient that she died the night before the presidential election.. and his telling the story of her being a typical white person.. as if to dismiss her demise as that she deserved to die.. he’s a bad thing.. he’s evil incarnate.. he needs an exorcism and so does his evil wife.

    Report Post »  
  • mathwonk
    Posted on March 19, 2012 at 10:26pm

    rick santorum is now using the same rhetoric that lost newt gingrich the florida primary and sunk his presidential campaign.

    “I heard Governor Romney here called me an economic lightweight because I wasn’t a Wall Street financier like he was. Do you really believe this country wants to elect a Wall Street financier as the president of the United States? Do you think that’s the experience that we need? Someone who’s going to take and look after as he did his friends on Wall Street and bail them out at the expense of Main Street America.”

    Report Post »  
  • OneShotPagan
    Posted on March 19, 2012 at 10:26pm

    Vatican … News of the World … Fox … articles disappearing from the web … yep it’s happening

    Report Post » OneShotPagan  
  • HorseCrazy
    Posted on March 19, 2012 at 10:25pm

    if anyone cares to see what the religion haters of america think try browsing the comments section on huffpo regarding this story. it disgusts me http://www.huffingtonpost.com/2012/03/19/vatican-bank-image-hurt-closed_n_1363432.html

    Report Post »  
  • Dougral Supports Israel
    Posted on March 19, 2012 at 10:21pm

    No US bank will make even a token attempt to resist government regulatory pressure. The government has the ability to put bank officials in jail or to destroy the whole bank. If Obama wants the Vatican cut off then the banks will do it, like nice little puppy dogs.

    Report Post »  
  • TRILO
    Posted on March 19, 2012 at 10:18pm

    The Catholic church got into bed with the devil when they supported Obama as President and Obamacare. Coming back to bite them in the @$$ big time. One should be careful who they sleep with, especially these days.

    Funny how JPMorgan shuts down the Vatican’s bank account on accusations. Are they doing this at the instruction of the administration or just to gather favor from the administraion? Remember when Wells Fargo was found guilty of laundering billions in drug money…they just got a slap on the wrist. Wells Fargo is still going strong.

    Report Post » TRILO  
    • spirited
      Posted on March 19, 2012 at 10:34pm

      mafia; world mafia

      >Where’s the Holy Grail; and what is it?

      Report Post » spirited  
  • HorseCrazy
    Posted on March 19, 2012 at 10:18pm

    I am pretty sure I have 2 investment accounts at jp morgan that will be getting closed out after reading this. exactly where do they think the vatican is laundering money to and why? where is the motive are they a drug cartel? no. are they running a brothel? nope. the timing of obamas war on the catholic church is a little to coincidental wouldn’t you say. didn’t they receive something like 12billion from his bailout? well jp morgan is going to be in for a very rude awakening when they find out how many catholics world wide read the articles and decide if their church isn’t good enough for the bank why should they hold their accounts there

    Report Post »  
  • valleyfever
    Posted on March 19, 2012 at 10:17pm

    Seems odd that JP Morgan and the state department did what they did , now, during the conflict between the Church and the obama administration over the future of our religious freedom. More chicago politics. We’ll see who has the most staying power.

    Report Post »  
    • AugustKat
      Posted on March 21, 2012 at 12:39am

      Doesn’t the timing look really odd, considering that the Catholic Church is opposing the contraception mandate in the ‘healthcare’ law? If the Church has been cleared, why is JPMorgan closing the accounts?

      Report Post » AugustKat  
  • BLACKDIAMONDSKIER
    Posted on March 19, 2012 at 10:17pm

    Communism must have no God except the God of government.

    What better way to achieve the goals of Satan than to attack the finances of the Catholic church.

    EVIL at work.

    Report Post »  
  • adeleeeee
    Posted on March 19, 2012 at 10:14pm

    “lack of transparency”???!!! Who is the one lack of transparency? It is JPMorgan itself. What kind of lack of transparency? really? these ppl should explain in detail what is transparency!!!

    Report Post » adeleeeee  
  • Darmok and Jalad at Tanagra
    Posted on March 19, 2012 at 10:12pm

    To be fair, the vatican only had 40 silver pieces in the account, and they did require JP Morgan to say 15 hail mary’s for swindling millions of dollars.

    Report Post » Darmok and Jalad at Tanagra  
  • Ivehadenoughtofthisgovenmentcrap
    Posted on March 19, 2012 at 10:11pm

    Paving the way for the new world order…..the false profit…..make the church look bad….so the “New Church” can rise from the ashes…..

    Report Post » Ivehadenoughtofthisgovenmentcrap  
  • Wilma
    Posted on March 19, 2012 at 10:02pm

    We are dealing with evil.

    Report Post » Wilma  
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