An 11-month Financial Times investigation reveals mismanagement at Vatican Bank Many do not realize that the Vatican manages a banking empire with approximately $7 Billion in assets. On June 28th, a Vatican cleric, along with a former Secret Service agent, and a financial broker were all arrested by Italian police and charged with fraud and corruption. The three were suspected of smuggling $24 Million by private plane across the border from Switzerland. Prosecutors allege that the the Vatican cleric who is a former banker, was using the Institute of Religious Works (The formal name for the Vatican Bank) to transport money for Naples businessmen. In Italy, Naples is considered the base for organized crime. The arrested Vatican cleric was also the head of accounting at the Treasury of the Vatican (Administration of the Patrimony of the Holy See.) This is another shock to Italy following upheaval of Pope Benedict XVI’s resignation in February, the first time in 700 years a pope has resigned.
Read more about Vatican Bank Scandal — JP Morgan, HSBC Cease Doing Business with Vatican
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