VATICAN CITY
International Business Times
By Christopher Harress
on July 19 2013
The Vatican has once again been rocked by scandal as Italian prosecutors press ahead with a money-laundering investigation of three of its top former officials that threatens the Holy See’s Institute for the Works of Religion (IOR), or as it’s commonly known, the Vatican bank.
Following the arrest of Monsignor Nunzio Scarano, who was head of analytical accounting, for allegedly attempting to smuggle $26.5 million from Switzerland to Rome; Giovanni Maria Zito, a former agent who is now a Carabinieri police officer; and Giovanni Carenzio, a financial broker, in June, two more top Vatican officials have been accused, prompting their resignations.
The news comes at a bad time for Pope Francis as his plans to bring the bank into line with other European banks, even agreeing to forgo the Vatican’s infamous secrecy laws, look to have taken a hit.
In June, Father Battista Ricca, a close friend of the pontiff, was appointed prelate of the IOR, which has been seen as an attempt by the pope to speed the cleanup of the bank’s troubled reputation.
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