Month: February 2017

Vatican Bank Scandals – Pope Francis makes progress

07 Feb 2017

Pope Francis addressing the Curia….Scandal, corruption anme at the highest levels in the Vatican bank have rocked the Catholic church. The bank’s president, Ettore Gotti Tedeschi, a well-regarded figure in European banking, was effectively sacked when the board passed a unanimous “no-confidence” vote in 2012. Ettore Gotti Tedeschi Ettori Gotti Tedeschi But in January 2017 a Rome prosecutor asked for sentences of one year in jail for former Vatican bank Director- General Paolo Cipriani and 10 months for his former deputy Massimo Tulli. The trial concerns suspected breaches of Italy’s anti-money-laundering norms linked to two suspicious operations that led to the seizure of 23 million euros in 2010, later returned to the bank of the Holy See. The IOR operated in Italy without authorization for 40 years, Rome prosecutors said in court. From January 1 to February 12, 2013, the Bank of Italy froze all credit card and ATM transactions inside the Vatican City over its failure to fully implement international anti-money laundering standards. Pope Benedict took swift action to comply. From the prosecutors’ statements it looks as if Tedeschi was forced out by former Secretary of State Bertone in order to stop…