Vatican bank officers resign amid Papal scrutiny
Director and deputy resign as Pope Francis investigates.
The director and deputy director of the Vatican bank have resigned amid an investigation into the bank's operations. The resignations come three days after the arrest of a senior cleric for alleged corruption.
A Vatican statement acknowledged the resignations as "in the best interest of the institute and the Holy See."
The current probe is being overseen by Pope Francis himself as the bank has come under investigation for allegations of money laundering.
Although the bank has become more transparent in recent years and has worked to employ safeguards against corruption, it has been decided that new leadership would best complete the reform.
In the 1980s, the Vatican bank was connected to the collapse of the Banco Ambrosiano in which it was a major shareholder. That bank was later found to be laundering money for the Sicilian mafia. The bank's chairman was also murdered by the mafia in 1982.
In 2011, recognizing the need for greater reform, Pope Benedict XVI created a new authority to improve the bank's international standing and credibility so it would be placed on a "white list" of countries that fight money laundering.
Pope Francis has ramped up the pace of reform by appointing a panel of five who are to report directly to him anything they discover. Pope Francis is a very holy man, and as such, he is adopting a "take no prisoners" approach to reforming corruption at the highest levels in the Church.
The Vatican bank currently handles the assets of various Catholic charities and religious orders as well as Vatican departments. The bank does not make loans.
© 2014 - Distributed by THE NEWS CONSORTIUM
Pope Francis Prayer Intentions for March 2014
Respect for Women: That all cultures may respect the rights and dignity of women.
Vocations: That many young people may accept the Lordís invitation to consecrate their lives to proclaiming the Gospel.
Rate This Article
Leave a Comment
More Europe News
- Pope Francis: Jesus Became Poor, So that by His Poverty You Might Become Rich
- DEFIANT RUSSIA: Leadership disregarding tough talk from Obama
- Long-lost pirate's treasure could be hidden off Irish coast
- British mom gets second opinion - and finds her unborn baby ALIVE, in spite of doctors
- Calling the Ecclesial Movements: Pope Francis Encourages Focolare, all the Movements, So Do We!
- Oops! Pope Francis accidentally mutters obscenity
- One rape or sexual assault reported by members of the Armed Forces - EVERY WEEK
- Pope Francis Writes to Families Seeking Prayer for the Synod on the Family
- After scandal, overseer gives Legion of Christ clean bill of health
- Fr. Paul Schenck: Finding Living Faith on Catechetical Sunday
- The Movie Yellow: Incest as 'Normal' and Cassavates's Slides Into the World of Woes
- The Chicago School Teachers Strike Reveals the Need For School Choice
- The Sexual Barbarians and the Dissolution of Culture
- The Happy Priest Challenges Us to Ask: Who is Jesus to Me?
- Michael Coren on Canadian Public Schools: Teachers, leave those kids alone
- We Cannot Ignore Our Consciences: Cardinal Dolan On Religious Liberty
- In the Face of Danger, Successor of Peter Travels to Lebanon as a Messenger of Peace
- Reflections on the Dignity and Vocation of Women: Who or What?