New Money Laundering Concerns About Vatican Bank

International Business Times yesterday reported that the Institute for Works of Religion (IOR)-- also known as the Vatican Bank-- is facing a possible money-laundering scandal as JP Morgan Milan takes steps to close IOR's account with it. IOR has failed to provide JP Morgan with information about the source of 1.8 billion Euros that has been deposited in the account during the last 18 months. Apparently the funds were swept out of the account daily into an IOR account in Germany. Italian officials in 2010 began investigating IOR for money laundering (see prior posting). The Vatican adopted new anti-money laundering laws in 2010. Those laws took effect last April. (See prior posting.)