Vatican bank chief in fraud probe

Italian authorities are investigating alleged financial irregularities and money laundering by the Vatican bank.

    Italy's financial police are questioning the Chief of the Vatican Bank for alleged financial irregularities. [Reuters] 

    According to ANSA news agency, Italian financial police have seized $30m from an account in the Vatican bank as part of a money laundering case.

    Ettore Gotti Tedeschi, the Head of the Vatican bank and another official of the bank are being probed for possible violation of Italy's money laundering laws.

    In a statement, the Vatican said it was "perplexed" by the accusation. The Vatican bank handles accounts for Roman Catholic orders.

    Known formally as the Institute for Religious Works, the Vatican bank was last involved in a major financial scandal in 1982 when it was linked to the fraudulent bankruptcy of Banco Ambrosiano,  Italy's largest private bank at the time.

    SOURCE: Agencies


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