Italy suspends Vatican bank card payments over failure to implement anti money laundering law

Italy suspends Vatican bank card payments over failure to implement anti money laundering lawLondon, Jan 4 : The Italian central bank has suspended all bank card payments in the Vatican because of a failure to fully implement anti money laundering legislation.

A group of experts from the Council of Europe said last year that the Vatican had made progress in reforming its legislation to meet EU standards, but that a lot of work remained to be done.

The failure to complete that work meant the Italian central bank ordered Deutsche Bank Italia, which handles all bank card payments on Vatican territory, to deactivate its terminals on 1 January, the BBC reports.

According to the report, the five million tourists who visited the Vatican museum last year spent over 90 million euros on tickets and souvenirs.

Cash only will be accepted until a solution is reached.

The same rules have also been enforced at the Vatican''s pharmacy, its post office and the few shops that operate in the tiny territory, the report said. (ANI)

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