Latest Vatican Scandal: Head of Vatican Bank Resigns

The latest scandal coming out of the Vatican involves the resignation of the Vatican Bank Director and his deputy. On Monday, Paolo Cipriani and his deputy, Massimo Tulli, stepped down from their positions. The Vatican’s official statement was that this decision was, “in the best interest of the institute and the Holy See.”

This comes just three days after the arrest of Monsignor Nunzio Scarano, who is accused of attempting to smuggle 20 million euros into Italy from Switzerland.

Cipriani was investigated by Roman prosecutors in 2010 under suspicion of violating Italy’s anti-money-laundering-norms. No charges were filed in that incident. Cipriani and Tulli are not currently under arrest but their resignation does provide another blow to the reputation of the Vatican Bank.

In the meantime, Ernst von Freyberg, the bank’s president will take over as the interim director general. Also a new position of chief risk officer will also be created in order to improve compliance with financial regulations. T

hese are not the first issues affecting the bank, also known as the Institute for Religious Works.

Pope Francis even announced a commission of inquiry into the bank just a few days ago. This commission is Pope Francis’ latest attempt at fixing the scandal currently affecting the Vatican Bank.

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