New Vatican Bank Scandal: Coinbase Style Account Closures

Tommaso Di Ruzza, director of the Vatican's Financial Information Authority, announced the completion of a 3-year investigation into the Institute of Religious Works bank, resulting in the closure of nearly 5000 accounts. Pope Benedict XVI established the FIA in 2010 as a way to prevent church accounts being used for undesirable purposes. Account holders in the past have included reputed members of the mafia, although the Vatican has stated publicly it could not identify 1000's of account holders or their connection to the church and it's charitable missions. At the time of the writing of this article, no one has been indicted or prosecuted as the result of evidence uncovered during the investigations.

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