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Ugandan banks linked to illicit money scam

Publish date: 12 September 2013
Issue Number: 3358
Diary: Legalbrief Today
Category: Criminal

Four Ugandan banks have been drawn into an illicit money scandal involving the Vatican Bank. Pope Francis has appointed South Africa's Cardinal Wilfred Napier to a 15-member task team to reform the bank.

This after international banking giants JPMorgan Chase and HSBC closed the Vatican's accounts around the world to reduce the risk of money laundering. The Times reports that Ugandan citizen Esther Nobasa has appeared in the Mbarara District Court, near Kampala, after she allegedly received large sums of money from the Vatican Bank. Stanlib and Standard Chartered have confirmed that their officials in Uganda will take part in hearings into how the money was transferred to accounts under their management. The investigation began after Ugandan police received a message from Interpol regarding the unauthorised 'transfer' of about $800 000 from the Vatican Bank to four banks. Full report in The Times