Director and Deputy Director of Vatican Bank resign in the interest of the Bank and of the Holy See
The Holy See has released a statement saying the Director of Vatican Bank, Paolo Cipriani, and his Deputy, Massimo Tulli, resigned on Monday evening in the best interest of the Bank and of the Holy See. The two are under investigation by the Italian Police for money laundering. According to Italian Police their names are mentioned in intercepted telephone conversations of Monsignor Nuncio Scrarano who was arrested last week by the Italian police for attempting to transfer 20 million Euros from Switzerland into Italy illegally. Monsignor Scarano was a senior accountant at the Administration of the Patrimony of the Apostolic See. He was suspended by the Vatican last month when it became clear that he was being investigated by Italian Police. The Holy See is considering whether Vatican Bank, also known as the Institute for Religious Works, fulfills the mission of the Church in its current structure, or if it needs to be reformed. Pope Francis has appointed a board of five members to report to him about the Bank’s legal position and activities, and to help harmonize it with the universal mission of the Holy See. The bank has been working to restore its image marred by secrecy and scandal. Since 2010, it has been working hard to bring structures and processes in line with international standards for anti-money laundering.