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David Yallop

Tuesday, 26th Oct 2010

I have been here before Part Three.

Current events oblige me to confront them before resuming earlier parts of the same story.
We left the current head of the Vatican Bank, President Tedeschi on 29th September complaining that "A procedural error has been used as an excuse to attack the Institute,its President,and more generally,the Vatican." 
The procedural error, we were assured, would be recitified "immediately." Clearly that word has a different meaning in the Vatican. One month later to the day is an appropiate time to review the situation.

The "procedural error" concerned the small matter of a Vatican account with Credito Artigano SpA containing some $31 million dollars. We are asked to believe Tedeschi and his colleagues at the Vatican Bank  were unaware that this account had been frozen since April with that sum of money sitting in it.The account had
been frozen by the Italian authorities because of "alleged violation of money laundering laws."
One would have thought that if every senior official within the Vatican bank was suffering from amnesia,
then surely someone at Credito Aritgano would have picked up a phone,particularly as the Chairman of that bank,Giovanni De Censi is also an "advisor" to the Vatican Bank. Presumably advising his customer that they have $31 million dollars  of frozen cash with a large question mark over it, is not part of his brief.
The Vatican continued to insist  that it was "all a big misunderstanding." 

Senor Tedeschi has subsequently been subjected to a four hour interrogation  which has somehow failed 
to satisfy the Italian investigators. On the 2Oth of October,the Vatican which historically has never gone into a Foreign court to defend itself,broke with that precedent and requested that their account be unfrozen.
The Rome magistrates were unimpressed with the Vatican's arguements and rejected the request.
It has since been revealed that the Italian team of investigators have widened their examination. They are now looking into the source of cheques for 300,000 euros deposited in an IOR (Vatican Bank) account
at a branch of Uni Credit and a withdrawal of 600,000 euros from an account with Intesa San Paolo.
The Italian team are fully aware that the Vatican Bank regularly features in the global top ten of money laundries with an estimated $50 billion laundered annually.
 Vatican Bank Chairman Tedeschi indicated earlier this week that his level of acute paranoia had reached meltdown. He described the Italian investigation as part of a "Fierce attack on the Church's credibility.
First it was an attack on the pope,then the pedophillia-related facts,and now it carries on with the case that involves me."
Time to take gardening leave Senor Tedeschi.

David A. Yallop   
Posted by David on Tuesday, 26th Oct 2010