Exclusive - Vatican Bank likely to close embassy accounts after Iran, Iraq red flags

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  • Tuesday, 01 Oct 2013

VATICAN CITY (Reuters) - The Vatican bank is likely to close all accounts held by foreign embassies, following concerns about large cash deposits and withdrawals by the missions of Iran, Iraq and Indonesia, according to people with knowledge of the situation.

The Vatican's financial watchdog, which examined the transactions in 2011, believed the embassies' justifications for the transactions were too vague or disproportionate to the amounts -- up to 500,000 euros at a time -- these people said. In one case, a large cash withdrawal was said to be for "refurbishment", one person added.

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