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Words in the News

Vatican bank 'three trillion euro

fraud' stopped 31 March 2014 _____________________________________________________

Words in the News © British Broadcasting Corporation 2014 Page 1 of 2

bbclearningenglish.com

Two men carrying a briefcase filled with fake bonds have been arrested by Vatican police

after they tried to gain access to the Vatican bank. They were dressed in business suits

and claimed to have an appointment with bank officials, but they were handed over to

Italian police after questioning by Vatican security officers.

David Willey reports for the BBC.

The two suspects were carrying fake bond certificates with a face value of some four

trillion dollars, and were allegedly hoping to open a line of credit at the Vatican bank.

This bank - called the Institute for Religious Works - runs thousands of private accounts

held by cardinals, bishops and religious orders all over the world, as well as administering

the Holy See's own local payroll.

It's been the subject of enquiries into alleged money laundering. The Vatican, a

sovereign state, has been tightening up its international banking procedures after

criticism by a European regulatory watchdog body that it's been used as an offshore

fiscal haven by unauthorised individuals.

Pope Francis has ordered a complete overhaul of the bank and has set up a detailed

enquiry into the transparency of its transactions. Last year the Vatican, for the first

time, agreed to cooperate closely with Italian authorities trying to combat any

fraudulent use of the bank.

Previously, the Vatican had claimed diplomatic immunity for Vatican bank officials.

Pope Francis sacked two of its former directors - both Italians - who now face possible

trial on money laundering charges in an Italian court.

Words in the News © British Broadcasting Corporation 2014

Page 2 of 2

bbclearningenglish.com

Vocabulary and definitions

bond certificates documents given to someone who invests money in a

government or company, who promise to pay the money

back with interest

face value the value shown on things like bank notes, coins and stamps

payroll list of people employed by an organisation showing how

much each one earns

money laundering criminal activity of hiding the origin of money obtained

illegally by putting it into other businesses and bank accounts

tightening up making rules or laws stronger

watchdog body group of people who try to stop companies or organisations

from doing illegal activities

fiscal haven place where people keep money to pay less tax than in their

home country

transparency (here) openness, honesty

fraudulent illegal, dishonest

diplomatic immunity special rights that diplomats have which protect them from

the laws of foreign countries

Read and listen to the story and the vocabulary online: http://www.bbc.co.uk/worldservice/learningenglish/language/wordsinthenews/2014/03/140331_witn_vatican.shtml

Related story:

http://www.bbc.co.uk/news/world-europe-26811528