Update on the Case of Mons. Nunzio Scarano.

Vatican Radio
July 12, 2013

http://en.radiovaticana.va/news/2013/07/12/update_on_the_case_of_mons._nunzio_scarano./en1-709895

(Vatican Radio) The Director of the Press Office of the Holy See has given an update this morning about the ongoing investigations by the competent Vatican authorities on the case of Mons. Nunzio Scarano.

By court order on the 9th of July, the Vatican Promoter of Justice has frozen funds at the

IOR attributed to suspended Vatican employee Nunzio Scarano as part of an ongoing

investigation by the Vatican judicial authorities. The investigation was triggered by several

suspicious transaction reports filed with AIF and could be extended to additional individuals.

IOR commissioned an objective review by Promontory Financial Group of the facts and

circumstances of the accounts in question and is fully cooperating with the Vatican Financial

Intelligence Unit AIF and judicial authorities to bring full transparency in this matter.

The IOR is currently undergoing an outside review by Promontory Financial Group of all

client relationships and the anti-money-laundering procedures it has in place. In parallel, the

Institute is implementing appropriate improvements to its structures and procedures. This process

was initiated in May 2013 and is expected to be largely concluded by the end of 2013. Over the

past weeks, the IOR nominated a Chief Risk Officer at Directorate level with a specific brief to

focus on compliance, and introduced measures to substantially strengthen the reporting system.

As President Ernst von Freyberg recently pointed out, the IOR is systematically identifying

and will have zero tolerance for any activity, whether conducted by laity or clergy, that is illegal

or outside the Statutes of the Institute.