Offshore Edge

A Vatican member of clergy of the Catholic Church who is on trial for allegedly smuggling 20 million euros from Switzerland to Italy was re-arrested Tuesday in a separate case on the suspicion of using his Vatican bank accounts to launder money.
Monsignor Nunzio Scarano, dubbed “Monsignor 500” for his penchant for 500 euro banknotes, had transferred millions of euros in fictitious donations from offshore companies through his accounts at the Vatican’s Institute for Religious Works, financial police in the southern Italian city of Salerno said.
Police followed up on evidence provided by the Vatican bank. They seized 6.5 million euros in real estate and assets in Italian bank accounts Tuesday, including Scarano’s luxurious Salerno apartment, filled with gilt-framed oil paintings, ceramic vases and other fancy antiques, AP reported.
A local priest was also placed under house arrest and a notary public was suspended for alleged involvement in the money-laundering…

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