September 21, 2010 on ITN News
The Vatican bank’s top two officials are under investigation for suspected money laundering and police have frozen 23 million euros ($30.21 million) of its funds, Italian judicial sources said on Tuesday.
They said President Ettore Gotti Tedeschi and director-general Paolo Cipriani were being investigated by Rome magistrates Nello Rossi and Stefano Fava in a case involving alleged violations of European Union money-laundering rules.
The Vatican confirmed the Rome magistrates’ action in a statement that expressed "perplexity and amazement" at the move and “utmost faith” in the two men who head the bank, officially known as Institute for Religious Works (IOR). It said the bank had committed no wrongdoing because it was transferring its own money between its own accounts.