BBC Learning English

Words in the News

Vatican bank 'three trillion euro
fraud' stopped
31 March 2014
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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