It’s cash only in Vatican City

If you are planning to visit the Vatican, you might want to bring some cash because they don’t accept American Express, actually, they don’t accept any credit card. You can’t use an ATM either because all the ATM machines are experiencing a power failure so you need to bring some cash with you.

On Wednesday, January 2 2013, most establishments in the Vatican decide not to accept any card related deal. Reports claimed that decision was related to money laundering. The said problem was part of a reaction of the Pope to the bank’s assessment regarding the issue.

Reuters also accounted that there was a comment they believed that has to do with Bank of Italy. The source said that the operation of the bank got paralysed since the Vatican did not respect the money laundering decree and has no legal fundamentals.

The Vatican doesn’t want to pay attention to the issue since they believe it is only a technical glitch. However, the Tribune believes that it has to do with a gossip, which only becomes a problem when the bank reacted about it.

The Holy See promised that he is going to unveil about the Vatican’s sponsorship of the Vatican. This contains the information about the Vatican Bank.  Reports claimed that the Vatican has sign up the services of René Brülhart, who is an expert when it comes to money laundering, to handle the situation.

MoneyVal concluded that the Vatican got a problem with meeting the transparency standards because they don’t have all the requirements needed. Moneyval is a well known economic supervisory body group. The Vatican wants to get rid of their disgraceful monetary practices as early as 1980’s. This involves their position as a chief investor in the Banco Amrbosiano.

Lately, Ettore Tedeschi got relieved from his station at the Vatican bank because of the monetary scandal he was facing. Italian prosecutors had recovered more or less $30 million (US) that comes from one of the banks in the Capital of Italy in a financial laundering inspection. As much as the problem with credit card, a spokesman for the Vatican said that there is no need to worry as it is only momentary. They make certain that this will not last and people can use their credit cards once more.

 

 

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