Bringing USD 14K inside Vatican City? Declare it

Last Updated: Friday, April 1, 2011 - 18:32

Vatican City: The Vatican has issued a new
rule requiring anyone bringing USD 14,000 or more into Vatican
City to declare it.

The rule went into effect on Friday, the same day the Holy
See`s broader anti-money laundering and anti-terrorist
financing regulations went into effect.

The Vatican announced the measures Dec 30 in a major
effort to comply with international finance norms and shed its
image as a tax haven with a reputation for secrecy and
scandal.

The Vatican`s own bank remains implicated in a
money-laundering investigation that resulted in 23 million
euros (USD 31 million) being seized and its top two officials
placed under investigation last year.

The Vatican has denied wrongdoing and says the
investigation resulted from a misunderstanding.

PTI



First Published: Friday, April 1, 2011 - 18:32
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