Tuesday, July 7, 2020

If Pope Francis is serious about transparency in financial matters, he will order Carmelo Barbagallo amend and re-issue the Vatican's Financial Information Authority (AIF) 2019 Annual Report :The Vatican's current state of financial reporting resembles Enron



by Ganesh Sahathevan





As reported by Church Militant: 

The president of the Vatican's financial watchdog agency excluded from his annual report any details of a raid on the agency's offices last fall.
Carmelo Barbagallo, president of the Vatican's Financial Information Authority (AIF) — an anti-laundering body set up in 2010 under Pope Benedict XVI — released AIF's annual report on July 3. While pledging greater "transparency of its financial transactions," Barbagallo's report fails to mention a raid by Italian police on Oct. 1 that uncovered nearly a half-billion dollars diverted from Peter's Pence, the pope's charitable fund for the poor.

Barbagallo's report, likewise, is silent on how the AIF scandal led to the dismissal of several key officials (including AIF director Tommaso Di Ruzza) and the resignation of AIF president 
René Brülhart in November. 

The above is the latest in a string of financial reporting issues(see below) which one would associate with the likes of Enron, rather than the Vatican.

TO BE READ WITH 

Saturday, February 25, 2017

Vatican Bank will not deny acting as a conduit for Soros funds

by Ganesh Sahathevan



Credit:Alessandra Tarantino/Associated Press


The Vatican Bank, or more formally the Istituto per le Opere di Religione (IOR), has refused to confirm or deny that it has acted and continues to act as a conduit for funds managed and controlled by billionaire Gorge Soros.


The queries were raised with regards to an earlier story published on this blog about secret or off-balance sheet Vatican funds being used by "Vice Pope" Cardinal Oscar Rodríguez Maradiaga to conceal funding from Soros for the Catholic Spring movement which he appears to be a  part of. 


The queries were put to the IOR's president Jean-Baptiste de Fanssu,who declared last year that as a result of changes he had introduced it was now "impossible to launder money" via the IOR.


Yet, just last week Italian prosecutors froze the assets of Italian banker Giampietro Nattino ,with regards to a stock market manipulation scheme he is alleged to have perpetrated using the Vatican financial system,which includes APSA,the Vatican's treasury and fund manager, which does not have a history of good governance.


END 

Reference
Vice Pope" Cardinal Oscar's Soros funding-Has the Vatican Bank acted as conduit , is it in breach of international AML,CTF and KYC regulations?

KPMG adds a scandal at the Vatican to its 1MDB issues: Vatican scandal involved Cardinal Pell, who tried to prevent it

by Ganesh Sahathevan


Don't Ask Us! - KPMG Global's Astonishing Response on 1MDB
SarawakReport story Don't Ask Us! - KPMG Global's Astonishing Response on 1MDB explains KPMG's capacity to deny anything.







As reported by the National Catholic Register, in its new story 
Tangled Web of Transactions Utilized to Fund Bankrupt Italian Hospital:

A key reason why Vatican officials believed they had no option but to take this route was because the Institute for Works of Religion (IOR), better known as the Vatican Bank, had already refused to issue the loan on the grounds it was too risky and would be in breach of its new practices.
Cardinal Pell concluded this was why Cardinal Calcagno, Cardinal Giuseppe Versaldi, then-president of CFIC, and Giuseppe Profiti, then-president of the Bambino Gesù, insisted on obtaining the loan guarantee from the children’s hospital, along with the fact that they knew that the children’s hospital had extensive funds to draw upon. All three underwrote the loan guarantee from the Bambino Gesù, according to documents examined by the Register.
But before doing so, they tried to win over Cardinal Pell and the Pope by hiring the accountancy giant KPMG to conduct a feasibility study to show how the loan could and would be repaid. But when Cardinal Pell’s office asked that KPMG sign their study, the firm refused to do so. The Register has asked KPMG’s Italian branch, which conducted the study, why the accountant group was unwilling to endorse it, but so far has received no response.
On the strength of the study, Pope Francis and Cardinal Parolin went ahead with the 50 million-euro loan despite opposition from Cardinal Pell and others — something the Vatican source said became a pattern.


KPMG's latest effort adds to its involvement in the 1MDB scandal:

Mar 24, 2015 - Sahathevan asked whether KPMG Global had been aware of any of the transactions relating to 1MDB outlined in the expose? He added that:.
Oct 22, 2019 - The chief commissioner, Peter Hall, appeared before NSW parliament to deliver a dire warning about the $673,000 in cuts forecast for next ...
Mar 27, 2015 - KPMG International does not have any relationship with — or connection to — 1MDB,” Wethered wrote in an email to Ganesh Sahathevan, ...
Mar 26, 2015 - KUALA LUMPUR (Mar 26): KPMG International has denied any ... Malaysian investigative financial journalist, Ganesh Sahathevan, who had ...

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