Friday, January 04, 2013

Money Laundering concerns about the Vatican Bank.

The Vatican bank has failed to meet a January 1st deadline to make its bank meet EU standards for anti-money laundering measures, causing the Italian Central bank to order ATM machines shuttered until further notice.

The failure to complete that work meant the Italian central bank ordered Deutsche Bank Italia, which handles all bank card payments on Vatican territory, to deactivate its terminals on 1 January.
The five million tourists who visited the Vatican museum last year spent more than 90m euros (£73m; $120m) on tickets and souvenirs.
Cash only will be accepted until a solution is reached. The same rules have also been enforced at the Vatican's pharmacy, its post office and the few shops that operate in the tiny territory.
Collections or donations at Mass will continue to have to be made in cash.

Vatican officials expect the measures to be completed "soon".

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