ITALY
Gazzetta del Sud
Rome, November 4 – The Vatican Bank, or Institute for Religious Works (IOR), operated in Italy without authorization for 40 years, Rome prosecutors said Wednesday. The city prosecutor is about to notify ex-IOR general manager Paolo Cipriani and his former deputy Massimo Tulli that a probe into alleged wrongdoing at the Vatican bank has ended, a possible prelude to their indictment. Cipriani and Tulli were indicted in a separate case a year ago on money laundering charges after a probe that in 2010 led to the freezing of 23 million euros over two cash transfers involving IOR that were deemed suspicious. That trial is ongoing. On Wednesday, investigators said IOR acted as a bank without central bank authorization until 2011, when the Bank of Italy told credit institutions to consider it a non-EU bank.
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