Taxation in Vatican

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The Vatican’s financial watchdog said Thursday it received 544 reports of suspicious financial transactions last year, a three-fold increase over 2014, thanks in part to beefed-up efforts to flag potential tax cheats who are using the Vatican bank to hide money.

The Vatican on Wednesday signed an agreement to share tax-relevant information with Italy, in the latest phase of a wider campaign to clean up the tiny state’s finances and end years of mismanagement and scandal.

Monsignor Nunzio Scarano is called “Monsignor €500,” since he likes to flash the large denomination banknotes. It isn’t exactly the image the Vatican would like, but this bad boy cleric has other issues too. He was already charged with a plot to smuggle $26 million from Switzerland into Italy.

An 11-month FT investigation reveals the extent of mismanagement at the €5bn-asset bank

As reported here, Vatican pulls papal medal which misspelt name of Jesus, the Vatican issued a coin-size medal. Such trinkets provide a steady stream of revenue for the church. Unfortunately for collectors who watch late night TV, you can’t get this one. The Vatican quickly pulled the embarrassingly flubbed metal Souvenir from the market.

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