The Italian government is investigating whether recent transactions made by the Vatican Bank violated money laundering laws.
The Vatican Bank recently attempted two wire transfers: one for an amount equivalent to $26 million, the other for an amount equivalent to $4 million. The Vatican Bank failed to disclose the legally required information to the Italian government for such large wire transactions.
Italian prosecutors have seized the equivalent of over $30 million in this case. A money laundering expert considers the Vatican Bank “the most secret bank in the world.”
The Vatican has stated that it aims for full transparency in its financial transactions and that it has the utmost trust and support for Ettore Tedeschi, the person in charge of the Vatican Bank.
In California, Penal Code section 186.10(a) prohibits transacting with a financial institution within a seven-day period using monetary instruments over $5,000, or a total value over $25,000, with the intent to promote a criminal enterprise or through the use of criminal proceeds. Money laundering can be punished by either a year in jail, or 16 months, two years, or three years in state prison. In addition, a person convicted under Penal Code section 186.10(a) may be required to pay a $250,000 fine, or a fine that is double the value of the amount transacted, whichever is greater. Certain factors may elevate the amount of the fine or imprisonment. (Penal Code section 186.10(b), (c), (d).) If the money laundering involves transactions in more than one state, it may be charged as a federal crime.
If you or someone you know has been accused of money laundering, you will need an experienced Southern California criminal defense attorney to help you defend against these serious charges. For over 30 years, the criminal defense lawyers at Wallin & Klarich have helped people charged with a variety of crimes, including money laundering. Call us today at (888) 280-6839 or visit us at our website at www.wklaw.com. We will be there when you call.
