VATICAN CITY
Irish Independent
SARAH MCCABE – 10 JULY 2013
THE Vatican Bank is one of Europe’s best known but least understood financial institutions, and it is no stranger to scandal.
This week Italian prosecutors decided to drop a negligence inquiry into the bank’s former president, but investigations roll on; two of his juniors are now implicated in a money-laundering scandal.
Under the microscope are the bank’s director general Paolo Cipriani and its deputy director Massimo Tulli, who both resigned last week. The allegations cast yet more global scrutiny on the secretive 70-year-old institution.
The Vatican Bank is known formally as the Institute for the Works of Religion and was established in 1942 by Pope Pius XII. It is used by Vatican agencies, church organisations, bishops and religious orders around the world.
It has an investment portfolio and offers currency exchange services and savings accounts to its members.
Note: This is an Abuse Tracker excerpt. Click the title to view the full text of the original article. If the original article is no longer available, see our News Archive.