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Two more step down in Vatican bank scandal

Two more step down in Vatican bank scandal
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Two more sacrifices have been made in the top echelons of the scandal-plagued Vatican Bank. Director Paolo Cipriani and his deputy Massimo Tulli have resigned, “in the best interests of the institute and the Holy See’‘.

It follows the arrest of a senior cleric who had close ties to the financial institution.

Ernst von Freyberg, the current president of the bank has stepped in to take over the directorship of the bank until a permanent replacement is found.

A new role of chief risk officer will be created to bring the bank in line with financial regulations, amid concerns that it was being used as an offshore tax haven.

The 61-year-old Monsignor Scarano was arrested along with two others suspected of trying to transfer 20 million euros illegally.

Two days earlier Pope Francis had set up a commission of inquiry, to ensure the bank works in “harmony” with the Church’s mission.