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Italy May Unfreeze Vatican Bank's Funds Amid Investigation, Corriere Says

By Lorenzo Totaro
The Bloomberg
September 23, 2010

http://www.bloomberg.com/news/2010-09-23/italy-may-release-vatican-funds-if-institute-cooperates-corriere-says.html

Italian prosecutors probing Vatican Bank executives for possible money-laundering violations may unfreeze 23 million euros ($31 million) in seized funds if the institute reveals who the cash was intended for, Corriere della Sera reported, without saying how it got the information.

Prosecutors have already spoken with executives at Credito Artigiano SpA, the lender the Vatican Bank used for the transactions, Corriere said. They may also question Vatican Bank chief Ettore Gotti Tedeschi, the newspaper said.

The Holy See said in a Sept. 21 statement that the sums "are cash transactions with non-Italian credit institutions, the beneficiary of which is the IOR itself." The Vatican Bank's official name is the Institute for Works of Religion, or IOR.

To contact the reporter on this story: Lorenzo Totaro in Rome at ltotaro@bloomberg.net

To contact the editor responsible for this story: John Fraher at jfraher@bloomberg.net.


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