What is Vatileaks?

RobertoNogueira ∙

Lvl 1

∙ 12y ago

Updated: 8/20/2019

Vati Leaks is the name of a website that aims to keep the public informed of the things going on in the Catholic church. According to their website, they are dedicated to publicizing suppressed information that has been hidden from the public by the Vatican.

Wiki User

∙ 12y ago

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What happened to the Vatican Bank money-laundering probe?

A:The Vatican is the only authority with the power to investigate the Vatican Bank and to the present time it has not undertaken any major probe into financial wrongdoings at the Bank. The Bank has been at the centre of allegations since its inception in 1942. Former Nazis using the Catholic Church's 'ratlines' to escape justice sometimes used the services of the Bank, both to facilitate their movements and to launder money.From time to time, allegations are made regarding serious corruption at the Bank, but in the absence of Vatican cooperation, there is nothing that authorities in other countries can do to recover lost money or lay charges against bank personnel.In what became known as the Ambrosiano Affair, it is alleged that Monsignor Emilio Colagiovanni, Monsignor Gianfranco Piovano and Bishop Francesco Salerno agreed to involve the Vatican Bank, and the Vatican more widely, in a fraud that was intended to skim over a billion dollars. This scheme involved a transferring money through a private shell company, the St. Francis of Assisi Foundation to Serve and Help the Poor, and then a legitimate Vatican organisation, the Monitor Ecclesiasticus Foundation, into accounts in the Vatican Bank. This deception was uncovered when only $200 million had been lost. Insurance Commissioners from the United States launched a law suit against the Roman Catholic Church in 2001, seeking more than $200 million in damages. The lawsuit was dropped after eleven years, as there was no prospect of success because of territorial immunity.What became known as the Vatileaks scandal resulted from "whistleblower" leaks provided by the pope's personal butler, Paolo Gabriele. He was arrested and convicted in 2012 but subsequently pardoned by the pope. At the same time, investigations were conducted in secret into the truth behind the allegations. Vatican spokesman Father. Federico Lombardi, speaking on Vatican Radio on 23 February 2013, strongly criticised media coverage of the report that was produced. Then on February 28, 2013, in a surprise announcement, Pope Benedict resigned.In July 2013, Pope Francis removed the Vatican Bank's director and deputy director as part of a drive to clean up allegations of corruption and money-laundering at the bank. In January 2014, the pope replaced four cardinals on the bank's supervisory board.Management appointed by Pope Francis was shocked by what it found: thousands of unexplained accounts, habitually large cash transactions and the absence of safeguards against money laundering. At best the bank was a tax haven, at worst a shelter for the proceeds of criminal gangs. Since then some 4,800 illegitimate accounts have been closed, agreement reached on information sharing with Italian regulatory authorities and processes put in place to detect illicit transactions. So far there have been no confiscations, indictments or prosecutions, so no proof that the Church is serious about removing corruption within the Vatican..

What is Vatileaks?

What else can I help you with?

What happened to the Vatican Bank money-laundering probe?

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