360° Coverage : Vatican bank officials resign amid fraud scandal

Vatican bank officials resign amid fraud scandal

Vatican City, July 3 (IANS/AKI) The director and deputy director of the Vatican Bank have resigned following the arrest of a senior cleric on charges of plotting to smuggle 20 million euros into Italy from Switzerland.

Jul 2 2013, 9:54pm CDT | by

Vatican bank officials resign amid fraud scandal
Photo Credit: FILIPPO MONTEFORTE, Getty Images

Vatican City, July 3 (IANS/AKI) The director and deputy director of the Vatican Bank have resigned following the arrest of a senior cleric on charges of plotting to smuggle 20 million euros into Italy from Switzerland.

The Vatican's announcement of the resignations of Paolo Cipriani and Massimo Tulli came three days after the arrest of one of its accountants, Monsignor Nunzio, an Italian secret service agent and a financial broker, over the plot to smuggle the cash.

Vatican Bank president Ernst von Freyberg will take over as interim director general and a new position of chief risk officer will be created to improve compliance with financial regulations, the Vatican said.

The resignations and arrests are the latest of a series of blows to the Vatican's scandal-plagued bank and came only days after Pope Francis set up a special commission to probe the Institute for Works of Religion (Ior), as the bank is formally known.

The Ior has long been tainted by scandal, from the 1980s collapse of the Banco Amborisano, whose chairman Roberto Calvi was found hanging from the Blackfriars Bridge in London, to the freezing of 23 million euros by Italian prosecutors in 2010 amid a money-laundering probe.

Cipriani and former Ior president Ettore Gotti Tedeschi were investigated for breaching money laundering norms as part of the 2010 probe, which led the Vatican to oust Tedeschi.

Pope Francis has put emphasis on cleaning up the bank. In June, he named cleric Monsignor Battista Mario Salvatore Ricca to oversee the bank's management.

The commission of inquiry which includes a US academic is expected to deliver its preliminary findings on the Ior in October.

--IANS/AKI

pm/

IANS

Source: IANS

 
 
 

<a href="/latest_stories/all/all/8" rel="author">Luigi Lugmayr</a>
Luigi is the founding Chief Editor of I4U News and brings over 15 years experience in the technology field to the ever evolving and exciting world of gadgets. He started I4U News back in 2000 and evolved it into vibrant technology magazine.
Luigi can be contacted directly at ml@i4u.com. Luigi posts regularly on LuigiMe.com about his experience running I4U.

 

blog comments powered by Disqus

Latest stories

Meet the Three Americans that Stopped a Terrorist on a French Train
Meet the Three Americans that Stopped a Terrorist on a French Train
Three American dudes on a trip to Europe take down a terrorist on a train. Beat that vacation story.
 
 
Donald Trump Uninvited from Red State
Donald Trump Uninvited from Red State
Some more bad news just came in for GOP frontrunner Donald Trump: the candidate for president is making even more enemies than he had before. Donald Trump has basically been fired from speaking at a conference by Erick...
 
 
Obama Announces Biggest Ever Plan to Tackle Climate Change
Obama Announces Biggest Ever Plan to Tackle Climate Change
President Obama’s plan to tackle climate change is a foolproof method for the future.
 
 
Osama Bin Laden's Extended Family Members Die in UK Plane Crash
Osama Bin Laden's Extended Family Members Die in UK Plane Crash
Osama Bin Laden's extended family members died. The tragedy took place at Blackbushe Airport.